liggett my staff, sitting there in agony, wondering what i am going to do next -- look at my staff. for those of you who are interested in following the top of debates that i talked about, there is no daily in the world that is a reference with the quality that "the financial times" is. i think we have to think a great deal in the years ahead about the rules on financial accommodations, but with respect to the glass-steagall deregulation, i would make these points. first, there were no mergers between banks and investment banks from the time of the glass-steagall repeal until after this crisis had begun when the bank of america merrill lynch murder took place -- merger took place. i do not think the suggestion that somehow this repeal calls all of this, since no new mergers took place is not plausible. the available evidence suggests that is efficient diversification was a crucial problem. what were the critical problems? lehman brothers, which was a stand-alone investment bank. bear stearns, which was a stand- alone investment bank. look at the country's that escaped the major carn