Well, all year, they were over your permanent limit. They were hugely over it.
I do have a problem with taking a short position on a security that you are selling to your customer.
I think it is a very clear conflict of interest and I think we have got to deal with it.
We are going to stand adjourned for 10 minutes because we have a vote on.
The percentage of contribution to the firm-wide VaR was shown in that exhibit at 53.8 percent for mortgage structured products, is that corr...
It could have been more accurate.
Do you think that a customer has a right to believe that you want that security to succeed?
They think you are fiduciaries, and then...
Your salesperson believed it was junk.
You ought to have plenty of regrets. I do not think that you are willing to acknowledge them, but you ought to have them.
during most of 2007, we maintained a net short sub-prime position and therefore stood to benefit from declining prices in the mortgage marke...