You agreed it is all one deal?

I think we will hear tomorrow what we have heard already in our investigation; the Fed did not know that JPMorgan was excluding its bank's metals until December 2011.

But by exploiting certain loopholes and using aggressive interpretations, often without telling regulators beforehand, JPMorgan and its bank have been able to accumulate physical commodity holdings far in excess of the limits while…

What we have seen very clearly is, after Goldman bought Metro, the freight incentives tripled.

Most business people do not consider that a choice.

Now, since the Federal Reserve is the source of those competitive advantages, does it have a responsibility to ensure that banks do not use those competitive advantages to engage in market manipulation or unfair trading?

The effect of this arrangement was that the queue was lengthened. Is that correct?

So is it fair to say these basically followed a joint Goldman-Metro decision?

The result was the following: That the line, the queue, to remove metal from these warehouses went from 40 days to 665 days.

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

Again, this goes, I guess, to Professor Omarova.

And there is nothing in the Chinese Wall Policy, even if it is implemented properly, that stops Goldman from sending direction and information to you?

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

While there is no explicit scenario for environmental [or] catastrophic damage for any business line or corporate area, exposure related to participation in commodity markets primarily resides in the damage to physical assets risk category…

Morgan Stanley has been an active trader in the natural gas market for decades.

Goldman is arguing that when the premium goes up, the LME price goes down because the all-in price will always be about the same.

When you say 'causes'----

Did you agree to the deal?

It was their choice to cancel or not cancel.

Global Commodities' operational risk loss during storage and transportation of its physical commodity assets is limited to the value of those assets as catastrophic [or] environmental risk resides with the facility operators.

The advantage to the banks.

Don't we have to put some force behind those walls?

So it was a joint decision to go ahead.

The merry-go-round deals required Metro to organize and pay for thousands of truck shipments between its own warehouses.

Metro tripled the incentives that it paid to attract aluminum to its many warehouses in the Detroit area.