Your involvement, all of you, is a major contribution to our security.

I hope you are not going to justify that.

I mean, that is your email, so pretty good evidence contemporaneously.

You want to defend it? Go ahead.

If we are responsible for it, if we made a mistake, we should be held accountable for it.

Do you have a conclusion as to why Washington Mutual failed?

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

Which is kind of, is it fair to say, heading towards a 3? Is that a fair summary?

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.

In hindsight, I regret it.

Why should it take the FDIC 4 months to get a desk or access to the examiner's library with WaMu documents?

the culture is set at the top, and this culture here was that these banks are constituents.

I should not have to remind you that FDIC has no role.

There was a turf war going on here, it is obvious.

You made a commitment and haven't kept it.

And protects the economy.

Has the guidance been followed?

Without it being stated as being mandatory. You view that as an expectation----

Is there now significant proof that stated income and NINA loans are risky loans?

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.

Was it important in order for you to have a basis that you have access?

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

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.

It is obvious that we had a situation where a bank was riddled with unsafe and unsound lending practices.

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.