Jack Reed actually said...

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?

I think we all recognize, and it's explicit in the comments, that we don't want to trade access to the very valuable petroleum and carbon re...