Jack Reed actually said...

I think this is a very important hearing because the issues that have been raised go right to the capability of large, complex international...

For a nonfinancial company, you could be doing hedging as an end user, but you could also be very aggressive in your hedging.

I think it is really incumbent upon the regulators to figure out how to write a rule that allows legitimate hedging to go forward as it need...

When did you know? When were you aware of it? Could you have anticipated it?