Jack Reed actually said...

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...

And the irony to me is that if there was a good Volcker Rule in place, they might not have been able to do this because it clearly does not ...

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

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