You do not have to pursue the deal either, do you?

So it was a joint decision to go ahead.

I think that is an issue which they are going to take up with you, I hope.

Essentially, Nufcor became a shell operation under the complete control of Goldman employees.

One of the reasons that JPMorgan wanted to get into the power plant business was to increase its access to important market information.

Again, this goes, I guess, to Professor Omarova.

The average consumer, the average citizen, who has no knowledge... of the manipulations that have been carried out.

The result was the following: That the line, the queue, to remove metal from these warehouses went from 40 days to 665 days.

Goldman is arguing that when the premium goes up, the LME price goes down because the all-in price will always be about the same.

Don't we have to put some force behind those walls?

in 2010 the Federal Reserve Commodities Team undertook a 2-year in-depth review of the physical commodity activities being conducted under the grandfather clause at Goldman Sachs and Morgan Stanley.

And there is nothing in the Chinese Wall Policy, even if it is implemented properly, that stops Goldman from sending direction and information to you?

I am just asking you if it was important to you.

There is some evidence here that this warehouse company shared premium payments with a metal owner when the metal is delivered to the physical market.

Most business people do not consider that a choice.

And jointly decided upon. Is that correct?

And so JPMorgan used its bidding strategies to more than make up for the money it lost at market rates, frequently receiving in the end more than twice its costs because of the make-whole mechanism.

The merry-go-round deals required Metro to organize and pay for thousands of truck shipments between its own warehouses.

I think we will hear tomorrow what we have heard already in our investigation; the Fed did not know that JPMorgan was excluding its bank's metals until December 2011.

So there is a huge advantage here for Goldman. They own a warehouse that is putting in more and more aluminum, now what, 75 percent of whatever the LME, total aluminum in this country is in Goldman-owned warehouses.

The queue then is significantly in your control, the length of the queue.

These deals were so important that they were taken to Metro's board of directors for approval.

These are not law. They are policy, and that means they are left up to the companies to implement.

Now, we saw examples of that type of unfair competition in our investigation.

Metro built a virtual monopoly on the U.S. London Metal Exchange aluminum storage market.