been a business decision, high risk strategy certainly had consequences far beyond the lehman brothers board room one of the things that i gleaned from your report was some of the reasons you found some actions not to have violated or the colorful claim of violations or other standards was the standards articulated by the court. i was wondering if you would advise us to take action to legislation to tighten down those standards and put more responsibility on corporate officers, boards and others who are engaged in high risk gambling but not telling the people financing that that they are on their way to the casino. >> you are asking me a policy question that i am not qualified to answer. i am not comfortable answering that. i can say is this. lehman brothers had in place a process of reporting matters and we found matters were reported and elevated to the board. the process that was in place was a good process. business judgment says if you have this process in place and making rational decisions you are permitted to do so. the issue wasn't necessarily just within lehman brothers so much as it mi

would like to speak to a group at the sec and know what they were doing and tied the board room with lehman brothers. they give us some and you into not being able to press firms into doing more. i would like to know what they knew about and what they fell about what they could and could not do. host: last phone call. new jersey. richard on the republican line. caller: i think we need more practical solutions rather than ruminating about the details to the complicated problem, like this. the state that you made earlier, falling money, is most profound. we should already adapt what is being done. if people obtain a mortgage fraudulently, eventually, they are going to pay the piper because the bank will lien their home. and the irs does the same thing. if you defraud the same thing in taxes, they will clean your property. what i mean is these are disincentives to do that act. rather than allowing these people cart launched -- carte blanche to do these things, we need to provide disincentives so that they do not do any of this. i think that is a practical solution, and i would like to hear more from yo

would like to speak to a group at the sec and know what they were doing and tied the board room with lehman brothers they give us some and you into not being able to press firms into doing more. i would like to know what they knew about and what they fell about what they could and could not do. host: last phone call. new jersey. richard on the republican line. caller: i think we need more practical solutions rather than ruminating about the details to the complicated problem, like this. the state that you made earlier, falling money, is most profound. we should already adapt what is being done. if people obtain a mortgage fraudulently, eventually, they are going to pay the piper because the bank will lien their home. and the irs does the same thing. if you defraud the same thing in taxes, they will clean your property. what i mean is these are disincentives to do that act. rather than allowing these people cart launched -- carte blanche to do these things, we need to provide disincentives so that they do not do any of this. i think that is a practical solution, and i would like to hear more from you