joining me now is "vanity fair" contributing editor bethany mclean. thank you for being here.and all this stuff. what was going on in the markets, and hadn't we taken care of this problem? >> well, i think it shows you that where there is a will there is a way. unfortunately wall street has a will to subvert regulators or congress' best intention world trade center volcker--intentions withthe volcker rule. >> let me pick up on a couple of things you said. it appears you have this one trader over in london placing huge bets with jp morgan chase proprietary money. meaning that their own money was at risk on these big bets. is that what happened? >> that is, but the justification from jp morgan's point of view is what the trader is doing. he's operating out of jp morgan's treasury and hedging the bank's other positions. he's not making proprietary bets. he's hedging. and it's under the volcker rule. it's not clear to me that anything else would be included under the volcker rule. >> you're drawing distinctions that only a securities lawyer could even begin to appreciate and under