"So of the 15 million trades at your bank, the guidelines did not stop any of those trades."
"If that is your definition of 'independence,' I would like to find a dictionary."
"Well, let us look at the regulatory purposes."
"Yes, I could not agree with you more as to who the beneficial owner was of this account, who got the profits and losses, who made the decisions on what to buy."
"For 10 years, tens of millions of buys, you did not lose a penny on any of the buys."
"I was very concerned about the reputational risk of the bank."
"The banks and Renaissance claim that Renaissance is independent from the fund when it is acting as investment advisor to the banks."
"And that did not happen very often."
"And would you agree that the reason that they put that in there is to give the appearance that the activity is not Renaissance's but the banks?"
"Is the algorithm RenTec's proprietary strategy?"
"Now, they had the authority to execute trades without prior approval."