That is what it says.

We need to fix the real problems, not the symptoms.

I think there are issues with the Volcker Rule.

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

Is that an accurate assessment of the trading strategy?

No institution should be too big to fail or have to burden the public with the cost of its failure or being saved.

These are not your records. I take it back. They are ACA records.

Looking backwards at Abacus, would you feel that the system worked for Abacus? Do you think there is any ethical question that can be raised on Abacus?

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

Your job also is to keep customers, isn't it?

Portfolio manager, OK. That fits.

OK, but that is the same thing as saying they are going to buy a short position.

The tone set by that, if I worked for Goldman Sachs, I would be real worried that somebody has made a decision that he is going to be a whipping boy.

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

The option in the Dodd bill is to tax you so that we can have a fund, and I have real problems with how that fund is managed.

I just have a couple of other questions.

So you double-insured, basically?

So they might straddle that for their own insurance, but that is it?

The answer to that is absolutely no. Nobody is going to believe they have the capability to do that.

Systemic risk and the fact that it was there created the necessary program for us to eliminate that systemic risk.

Well, it would certainly look like it would be since the email is directed to you.

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.

What was the indication for the trading--why would you short Bear Stearns after they had just bought $300 million worth of Timberwolf from you?

I cannot believe that when you execute a strategy to take advantage of greater knowledge within your firm to increase the return for your firm that you can at the same time sit there and tell you are not taking advantage of the knowledge…

But explain to us the difference between those two as you see it and as you lead this firm.