"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?"
"Now, they had the authority to execute trades without prior approval."
"Year after year after year, that is what they say to the SEC."
"It is not a few of these inversions that you could put to bed with comprehensive tax reform."
"The banks and Renaissance claim that Renaissance is independent from the fund when it is acting as investment advisor to the banks."
"This gives rise to significant short-term capital gains for the investors regardless of whether or not they are invested in the fund for the shorter or longer term."
"I was very concerned about the reputational risk of the bank."
"And that did not happen very often."
"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."
"So RenTec is making a judgment on RenTec."
"Is the algorithm RenTec's proprietary strategy?"