enter warned magnusson -- center warned magnusson -- senator warned magnusson once said it is competition. i talked to to insurance company executives -- two insurance company executives. it required the companies to make derivative trading more transparent. the other was says you cannot do that. we have a deal. we have to publish our price. somebody can come in and undersell us. his older colleagues said that is not our position. banid only one thing did we and that was giving residential mortgages to people who could not pay them back. i believe the mortgage thing -- the other great risky area we rules was substantive requiring derivative trading to be moved from almost all one-on-one into and more marketplace situation. one of the people would've been implementation was gary gensler and did a very good job of it. areas wen those two did some substantive things. we don't regulate institution so much as activity. even though the activity is moved out of the bank, they are still regulated. you can't be sure of all this. particularly -- there is one thing i'm worried about. one part of the

senator warren magnusson once said, all any business wants from government is a reasonable advantage over competition. [laughter] i talked to two insurance company executives. they came to lobby me against requirements to make derivatives trading more transparent and put it in markets. one of them pointed out, if you do that and we have a deal, we have to publish our price, somebody can come in and undersell us. his older colleagues said, that is not our position. but it was. we did only one thing, which we banned, giving residential mortgages to people who could not possibly pay them back. i believe the mortgage thing -- that when we plug. -- that one we plugged. the other great risky area we did it was substantive rules requiring derivative trading to be moved from almost all one-on-one into a more marketplace situation. one of the people would've been -- one of the heroes of the implementation was gary gensler , who did a very good job of it. i think in those two areas we did some substantive things. we don't regulate institution so much as activity. even though the activity is mo