reckless endangerment," and managing director at investment research firm graham fisher and company, josh rosnerlways a pleasure to chat with you. >> great to see you. >> after the cataclysm of '08 we rebuilt the same system -- >> that's right. >> are we really that stupid. >> yeah. >> not good news. >> no, unfortunately we didn't change a wheel lot. we created a law that was 2200 pages that we're in the process of writing. legislatures left it to regulators to ultimately write the law, and the industry has gotten back to doing what the industry does best which is influencing the regulators saying the rule needs to be tweaked this way or that way add complexity and we'll created loopholes. so they create the complexity -- >> absolutely. and there are so many aspects of this particular one that are interesting. you know, most importantly why is it that the federal reserve is doing the investigation when this happened within the depository, the bank -- >> right. >> which should be the occ. the occ is the same occ that was asleep at the switch that had not caught the risks of banc of america -- >>