morgan we're talking to francine mccann as she is the accounting watchdog author of blog the auditors columnist for forbes american banker she's talking about how this all is allowed to go down and how the regulators are not catching it so one other factor in here that we haven't touched on yet is the auditors it's hard to imagine that the auditors didn't know what was going on at a firm like m.f. global and they signed off on it so i think we're talking about m.f. global we're talking about j.p. morgan interesting lou they have the same auditor you see press wire house coopers . institution that audit firm is filled with j.p. morgan since the sixty's isn't necessarily complicity i think it's more complacency long long relationships very lucrative relationships level of comfort with people like jamie diamond who is a very you know savvy person over time i think the auditors become very complacent and they've missed something because they decided they're not going to look that much harder with somebody reassures them or tells them there's nothing they're similar to the regulators and a