Michael S. Barr: “I believe that it would be a serious mistake to rely only on the bankruptcy courts.”

They failed in basic measures of interest rate risk and liquidity risk.

The report that we released suggests that both the Board in Washington and the San Francisco Fed did not hold up the bank with enough pressure.

We definitely want innovation in our banking system. Innovation has been critical to having a thriving financial sector and a thriving economy.

The bank did respond to regulator citations but those responses were insufficient.