It has been very powerful testimony.

JPMVEC booked its electricity in natural gases.

Well, were you horrified by what you saw?

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?

Finally, Goldman has not allocated any capital to cover potential losses from a catastrophic event.

I think it is wrong for the public to have to rely on a voluntary policy such as that, which is not enforceable.

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.

So not just the most accurate price, but it would give you an advantage, would it not, being in that business, too, in your dealings in financial commodities, the derivative offerings that you were involved in?

Goldman Sachs may command valuation multiples for Goldman Sachs commodities similar to Glencore if--and here is the comment--the business was able to grow physical activities unconstrained by regulation and integrated with the financial…

the limit and JPMorgan's commitment is going to be an effective safeguard and limit size and amount of risk from physical commodity activities.

It was their choice to cancel or not cancel.

There is a requirement to get into the queue.

But by exploiting certain loopholes and using aggressive interpretations, often without telling regulators beforehand, JPMorgan and its bank have been able to accumulate physical commodity holdings far in excess of the limits while…

And would you also let us know for the record whether or not the Fed believes that the Bank Holding Company Act provides sufficient authority to place a reasonable size limit on a financial holding company's physical commodity activities…

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

You agreed it is all one deal?

So it was a joint decision to go ahead.

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

Goldman's commodities trading arm is an exclusive marketing and sales agent for the coal produced by those mines.

Now, we are going to spend some time talking about LME warrants, queues, and so I want to explain this as clearly as I can.

How many tens of thousands of tons did they move to a different Metro warehouse?

I am sure that is why Deutsche Bank signed the contract, because they were given some money to keep the warehouse there and they were penalized if they did not keep the metal in the warehouse.

So there are certain circumstances at least that you would then accept Nufcor's liabilities.

Is it also true that the FERC staff discovered some of these schemes during its investigation and brought them to the attention of JPMorgan and that JPMorgan did not stop the manipulative activity but instead developed new schemes?

If they wanted to live up to the deal, they had to get into the queue? Yes or no.