the other key thing was about j.p. dimond was he was actually prepared to face up to the analysts on wall street and say no and that is critically important because it from 2005 onwards, actually j.p. morgan was not doing that vertically. there's a huge criticism from equity analysts say, where you lagging behind? with the diamond was going to come in and basically solve the problems and in fact the revenue it ain't that great. there were other banks responding to that incent-- intent stock market pressure and saying yes we have got to start chasing after credit revenues as fast as we can, and there was this real what people used to call golden and the. everyone to be like goldman sachs than half our row e's is digga sx. dimond and a number of occasions said we are not going to go down that route purely through chasing after a quick and easy p&l which again does not mean they did not make mistakes. i don't want to paint these guys is somehow perfect angels because they made their mistakes but it is a very instructive lesson.

the other key thing was about j.p. dimond he was prepared to say something to the analysts on wall street and say no and that is critically important because from 2005 and all the words actually jpmorgan wasn't doing that brilliantly compared to his peers and there was a huge criticism from equity analyst saying why are you guys lagging behind? we thought that diamond was this wonder kid who was going to basically solve all problems and in fact the revenues are not that great. now there are other banks responding to that intense pressure saying yes, we've got to try to start chasing after the credit revenues as fast as we can and there was a real kind of what people used to call goldman envy. everyone wanted to be like goldman sachs three diamond on a number of occasions actually said you know, we are not going down that road trying to beat everyone else purely through chasing after, you know, the quick and easy bnl, which again, doesn't mean it didn't make mistakes and i don't want to pay these guys as somehow perfect angels