Jack Reed actually said...

So there is a possibility, in fact, if it is done correctly and proposed, which I hope it is, that it could have avoided this situation?

It seems that their model, their VaR model, was loosened up considerably, giving them the opportunity to engage in more risky activities.

But that leaves us in a situation of how do we build in, because our responsibility--build in rules and regulations that prevent, as you wou...

I do believe the people doing it thought that they were maintaining a short against high-yield credit that would benefit the company in a cr...