enron and worldcom failed. these have very serious consequences, i am and not saying that this is done without pain, but this was making the argument shortly before bankruptcy, that it would cost failure, it was out there in the power industry and it was such an important player -- but this was not true at all. we said, we will have to live with a view. what i want to emphasize is, the importance of identifying the rest, before we say, make certain we know what the problem as before the solution. if i can say one other thing, to go back to where you started just now, at the family level. we did not increased as for the banks, the american household owes 130% of their income. we have been heading numbers that are unprecedented, they have never even been close at any time in history. when we reform the financial products and put some safety in so that families are economically stable, and they are not introducing into the stream of financial commerce, these high risk and high profit instruments, we turned down the

counter-terrorism became a top priority, and yet, at the same time, we were confronted with a rash of wrongdoing, from enron to world qualm -- worldcom. we had to prioritize, and we did. today, we continue to combat the risk of attacks by terrorists. we want to protect our communities from fraud and violent crime, as well. . there are many lenses to view the financial crisis, from financial institutions that traded in risk itself, lenders and real estate professionals who sidestepped the practice, homeowners, whose purchases exceeded their pocketbooks. the rest is central in this crisis, much of what led to the financial meltdown was the result of a failure to properly invest -- assess the risks, risks to investors, risk to home owners and the economy at large. there are those who intended to defraud others. in part, the sub prime lending crisis they have been more a matter of greed. the prevailing thought process seems to be that everyone is making money, why should we miss the boat? when it did, some tried to patch the holes with tape, and bail out the water with dixie cups. the fbi plays a role in addressing this crisis. we do so

and yet at the same time, we were confronted with a rash of corporate wrongdoing, from enron to worldcom, to qwest. we have to prioritize, and we did. today we continue to balance the risk of terrorist attack, as evidenced by the plan to talk attacks against a growing risk to our economy and our communities from financial fraud and violent crime as well. unfortunately, we do not have the personnel to investigate every criminal threat. we must focus our limited resources where we have the most impact. in los angeles or miami or example we might shift resources to combat gang activities. in chicago to organized crime, for corruption. and here in new york we have shifted resources to address white-collar crime. we have moved from a quantitative to a qualitative approach, and we are using intelligence to pinpoint the greatest threats to each of our communities and working hard to prevent those threat from becoming reality. turning to the fbi's role in combating white-collar crime, there are many lenses through which to view the financial crisis. from financial institutions that traded in ris