one of the things you said on page 1484 is a after graham leach bliley was passed there was a void in your language, the gray and liege bliley act created a void in the regulation of systemically important investment bank holding companies. neither the sec nor any other agency was given statutory authority to regulate. we are hopefully going to pass the reform bill that rains in wall street and these systemically large companies. mr. ruiz also was talking about enhanced bankruptcy of already. in connection with the lehman brothers case and i am not sure you were charged as an examiner but you said you could do no business anymore after september. just didn't have the liquidity. what do you mean by that? >> what caused the failure was the lack of liquidity. they didn't have the cash resources, the money necessary to continue their business. they couldn't open up in the morning and trade. >> they are financial services. >> in order for them to survive they need to gather cash against collateral. >> what kind of bankruptcy are they in? >> chapter 11. >> are they doing business? or are th

now, there were eight people that voted against the graham-leach-bliley -- senator boxer, senator dorganrson in 1973, and i have seen times when a few people in the senate -- i don't think either party has a monopoly on it -- get together and just say the senate is off in the wrong direction. i think that day, those eight people said that. but senator dorgan deserves a special recognition, a special award because senator dorgan predicted in 1999 when he said, and i quote -- "we will in ten years time, look back and say we should not have done that, repeal glass-stegall, because we forgot the lessons of the past." he went on to say, and i quote -- "this bill will also, in my judgment, raise the likelihood of future massive taxpayer bailouts. it will fuel the consolidation and mergers in the banking and financial services industry at the expense of customers, farm businesses, family farmers, and others." i mean, that is amazing. that is absolutely amazing. he absolutely totally, completely nailed it. he predicted that it would lead to future massive temporary bailouts. i think we should li