cy, how about that thec -- ya, -- cya, how about that? mickey? there is no dumb question. >> [inaudible] >> that is a good question and i do not have a good answer. the fact is that this was the best that we could come up with to figure this process. sure, mickey mouse can sign up and make a big number. we are hopeful that every one, being irresponsible, that that will happen very little, if not ever. it is not a pair of five list and let's do it. debate, let's go. >> [inaudible] >> bright. right. >> [inaudible] >> the point, of course, is i have never said in my mind who is ultimately responsible. guess who it is? you. not the promoter. at the end of the day, stuff goes downhill. it is on you to make sure that you use promoters the to contrast and the to manage, essentially. it is a partnership. hopefully not -- here is the key, i will be going home to my dog now. you have got to work with these promoters. at the end of the day, the same consequences are going to hold. >> [inaudible] >> i understand. >> [inaudible] >> right. it would be great if

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there are cya memos. the fed once again failed.t the history of the financial ice. the new york fed, single most important banking regulatory body out there utterly failed at every turn to do anything until the banks were bust, in which case it took its checkbook and opened up with tax dollars and wrote tax dollars. >> there are the republicans who still say hands off wall street. let financial institutions on their own and they will be fine. >> you know we are living in a period where people are learning the wrong lesson ignoring facts and to our detriment. it's not just partisan bickering. it's long-term consequences. if you don't learn, you have to relive it. this is scary stuff. >> you still have -- going to calculate here quickly. 13 hours before the show. maybe too early to ask you: what's up tonight? >> thirteen hours? i could go on a vacation between now and then. yeah, call me half an hour before. we will still be fillguring it out. we will be reading the papers, figuring out what the quitement is on the day and, you know,

. >> seems sort of cya. >> what does cya mean?> cover your -- >> oh, i am sorry. >> extremely cautious, kitchen sink, throw everything out there possible that's bad and just get it behind you. >> cavanaugh, correct me if i'm wrong, is a very strong ally of jamie dimon and he is out to protect his boss and prove something in the company that as yet they have not found. have they? i don't see it. >> you can go to the conclusion somehow that things were completely -- that it was in any way fraud, that fraud or to kramer's point that people were using white out to cover up things. we all know there was a lack of supervision. there was a lack of understanding and there was a lack of focus on the marks themselves and whether they were accurate. that much we know. >> if they come through and say this is a trading loss, it is actually not at all. the allies would say it is a trading loss, what a bank would do. that's not how they're treating it. they're reviewing tens of thousands of voice tapes and that continues in many languages. >> tr