Carl Levin

This was not some ordinary institution, by the way. As you know, it is the largest institution that has ever been taken over by FDIC, bank or thrift.

Is that in your judgment adequate regulation?

Well, it took you long enough.

This is far too cozy?

About the only time OTS showed backbone was against another agency's moving, in your view, into your turf.

I think it is important to point out that although Washington Mutual has been referred to as the largest failure in American history, in fact, the largest failure in American history was Citi.

The sheer size of the bank would say that there should be a maximum of cooperation, not to mention the fact that it is dictated by statute, as well.

And helps the public.

What is audacious about the FDIC seeking access to--not in this case access--sitting down with a bank...

Thank you very much, Mr. Bowman.

I do not under any circumstances want to discuss this on Friday's conference call.

You betcha. July 3. It wasn't until, when, September, that the MOU was finally made public.

You want to defend it? Go ahead.

You are the cop on the beat or supposed to be. Not a ticket, not a fine for this?

In hindsight, I regret it.

The ``S'' is misplaced. It probably is delayed as much as possible. That would be a DAMAP--delay as much as possible--instead of ASAP.

And protects the economy.

Your agency had primary responsibility, not FDIC.

What kind of efforts did you make to change these practices?

It was anathema to you.

I want you to take a look at Exhibit 44.

If an association has a high exposure to credit risk, it is not sufficient to demonstrate that the loans are profitable.

But they are serious enough that enforcement action was needed because management was not addressing it. Is that a fair conclusion?

You have this procedure here, you have this approach which is anathema to you, one of a number of things which were anathema to you, but they are still in existence.

I will correct myself again. I said it was the largest bank failure, and that apparently is true, thrift or otherwise.