apart now in this conference call it six pm on thursday august sixteenth two thousand and seven jeffrey lacker said if i could just follow up on that mr chairman chairman bernanke he says yes go ahead mr lacker vice chairman geithner did you say that you are unaware of what we're considering or what we might be doing with the discount rate vice-chairman geithner answered yes mr lacker vice chairman geithner i spoke with ken lewis president and c.e.o. of bank of america this afternoon and he said that he appreciated what tim geitner was arranging by way of changes in the discount facility so my information is different from that diner was trafficking and inside information. and to give you an idea of how you can profit from this you can buy out of the money option for ten cents and then when the news it's the wire that offers worth twenty or thirty bucks so you make make instant ten million dollars on an investment of twenty thousand dollars and writer knows this and he's peddling out inside information he justifies it in his own mind by suggesting that he's making a market or adding liquidity

that was two pm eastern time on thursday august sixteenth at six pm eastern time aug sixteenth jeffrey lacker was telling tim geithner i've heard that you told these bankers that you're going to cut the discount rate you said no i didn't say anything wasn't me. right want to give me an idea to profit from this as a broker the way i would have played it and had done this myself many times is that you buy in s.p.x. futures contract option and you buy thousands of them for ten or twenty cents and then you don't give the account number. when the news comes out if the news is as you heard it should be from the insider sources you keep to trade yourself you make ten twenty million dollars if the news is incorrect then you give the account number for a pension account somewhere the teacher's union the firemen's union and you bury that pension account and you of course bribe the compliance officer and you bribe the sales manager and a case of paine webber you have to bribe actually the c.e.o. at some point to cover the tracks of all of this what's called look back trading so it's no lose trading it's