norms go very quickly in the contingent is spread throughout institution, particularly along the americredit client, it spreads to the institution very quickly. and what u.k. in the culture of those institutions, and this is something that i talked a lot about when i was at the center here at harvard is to get a culture of the open secret and the inside joke because people know they're doing wrong, but they need to justify themselves. so there's this amazing taped. enron was bilking the taxpayers of california for billions of dollars by basically shutting down power plants to check up prices and there's this tape for someone says, she just asked what is california, he just asked one of them. the supervisor says can you rephrase that? he arbitrage to the tune of a million dollars. it was a joke. they knew what they were doing. her bruised torbay, the goldman trader put together these securities that were designed like an ied, to blow up and they sold them to their clients and then bet against them. and he writes to several girlfriends in these e-mails. he writes to one of these girlfriends. h

then in the second quarter i think they bought americredit renamed it gm financial. selling loans phil because they have a history littered with it. >> absolutely. but i have to go back to the data overall. i can't comment specifically on the portfolio for ally. when you look at the industry, the repo rates are down, chargeoffs are down and overall the percentage of subprime loans written relative to the whole portfolio of auto loans written it hasn't changed. so while i understand the concern that can be there, what i'm telling you is, almost everybody in the industry will tell you, we are seeing normal, as normal as that can be rates when it comes to the subprime market. >> we're going to bring phil back every month and monitor this for you on main street be careful of the 12% rates. they catch up with you quick. >> thank you guys. you guys look great together. great still phil and rick. when we come back, apple looking to keep its reign at the top of the tech world but with amazon, google and samsung all on its heels how much longer can apple stay on the top? two