But that is where your profits came from.

This algorithm was not just making changes by itself. It took human beings to make changes.

You are waffling because you are saying for some purposes it was controlled.

More significantly, Renaissance is signing a deal with itself, and the company is such a shell that you, as an executive officer of RenTec, sign all of the papers.

Barclays still was 100 percent owner of Palomino.

Don't you think that you have a responsibility to determine whether or not you are aiding and abetting a fiction?

I would adopt one of the Levin bills.

Is the algorithm RenTec's proprietary strategy?

The reality is that tax reform is moving slowly and the inversions are moving very rapidly, and, as I indicated before, I think that is a prescription for real chaos.

But it was targeted at funds that were involved in short-term trading.

Renaissance controls Mosel.

That is out of 30 million a year.

It gave direct access to the stock market. RenTec executed tens of millions of trades per year in Barclays' Palomino accounts.

Was there a question in these conversations with your tax people, that there was a concern that the old MAPS, the old approach, might not be respected as a derivative or it might not be respected as an option for tax purposes?

So how can Franconia make an independent judgment of the experience and expertise of RenTec?

I do not consider that to be concern about a bank's reputation.

So in other words, you did not tell the SEC that we do not control this for SEC purposes, but we are going to claim we control it for tax purposes?

That you two had agreed to.

So of the 15 million trades at your bank, the guidelines did not stop any of those trades.

RenTec controls the major activities of Palomino and is exposed to substantially all significant risks and rewards.

Now, I want to explore some of the fictions that I have referred to in some detail...

Other than they had to operate within the guidelines, they could buy and sell anything they wanted, right?

If that is your definition of 'independence,' I would like to find a dictionary.

How is it under any definition conceivable that the Buyer, Franconia, with no employees, will not contact directly the Investment Advisor?

I agree. So now you are targeting funds, like RenTec--that is the target here--and you are saying that one of the major benefits is that you can convert, to use your words, short-term gains, which are taxed at 39 percent, to long-term…