What is the purpose of that disclaimer?

One of the desks that would buy subprime mortgages, correct?

OK, but the point is the desk was no longer buying subprime, and you knew that.

It is smart, if you see a market tanking, to get out of the market.

I am not saying there is anything wrong with the strategy. I did not say that.

That is what it says.

Understand. I have no criticism for that and I am not making any judgment on it.

We care very much about ethics at Goldman Sachs and we don't believe in any way, shape, or form that our compensation is not consistent with people having good ethical standards.

Do you think it was ethical for Goldman to release all the personal emails of Mr. Tourre?

There has never been a position change like what took place in the last 4 years in this country in the mortgage markets.

OK. Thank you.