Carl Levin

If they wanted to live up to the deal, they had to get into the queue? Yes or no.

You agreed it is all one deal?

You do not have to pursue the deal either, do you?

Is it part of one deal or isn't it?

You have obligations, responsibilities, commitments.

You are going to incur shipping costs only if they ship it out, right.

There is a requirement to get into the queue.

Red Kite cancels 150,000 metric tons of aluminum immediately.

The Deutsche Bank deal was approved by Metro's board of directors, all Goldman employees, that explicitly called for Deutsche Bank to cancel warrants for 100,000 tons of aluminum 'as soon as possible.'

You are just telling us under oath that you did not care whether they canceled or not.

So you entered into a deal that said they would cancel as soon as possible, but that was not in your interest?

It was their choice to cancel or not cancel.

Did you agree to the deal?

You never have to live up to a contract. You can pay a penalty.

I am sure that is why Deutsche Bank signed the contract, because they were given some money to keep the warehouse there and they were penalized if they did not keep the metal in the warehouse.

That would be a $6.5 million penalty for 100,000 tons of aluminum.

So I am glad we finally got to that point, that there is a correlation between canceling the queue--canceling the warrants and queue length.

The parties agree that they would 'as soon as possible thereafter,' obviously 'dependent on existing demand for slots.'

You paid them to move 70,000 tons, did you not? You gave them a discount. Is that correct?

I take it you are not going to answer the question as to whether or not it was important to you that they cancel the warrants.

I am just asking you if it was important to you.

Exactly. It was important to you, however, that they move to another warehouse. Is that correct?

How many tens of thousands of tons did they move to a different Metro warehouse?

Thank you, Senator Baldwin, for your great involvement in so many issues involving consumers, as well as this one.

The premium is a big, growing part of the all-in price, by the way.