. >> jon: but this isn't as carly simon would say this song ain't about you. >> all right, you are rightt want to personalize it, but i think we have reporters who try really hard. we're not always tolted the truth. but most importantly the market was going up for a long time. and our real sin, i think was to believe that it could continue to go up a lot in the face of what you describe, which is a lot of borrowing, a lot of shenanigans. and i know i did. i will bring it up. look, i didn't think that bear stearns was going to evaporate overnight. i didn't. i knew the people who ran it. i had always thought they were honest. that was my mistake. i really did. i thought they were honest. did i get taken in because i knew them from before? maybe to some degree. the guy who came on from wachovia was an old friend of mine who helped hire me. >> jon: honest or not, honest in world, in what world is a 35 to 1 leveraged position sane. >> the world that made you 30% year after year after year begining from 1999 to 2007. and it became very difficult to --. >> jon: but isn't that part of the proble