let's bring in michael bowie. the partner. you deposed cohen in 2011. what was that a part of? what sort of case was that? >> it was a part of a case by fairfax financial. alleged that acc had manipulated its securities. it was getting advanced knowledge of analyst market moving reports before they came out and traded on. >> given the timing of what the charges and what the charges are, failure to supervise as opposed to some of the other charges that could have been brought, how would you characterize the strength of the sec's hand? >> i read the complaint coming over here. i think the evidence is unbelievably damming. there are tactical reasons why the sec would have gone for the charges it did in administrative proceeding. when you look at the charges, you have here a slam dunk failure to supervise case. you have people who have material nonpublic information communicating that in two different stocks directly to steven cohen. it's obvious from the nature of the information it has to be insider information. in fact his own internal people are saying this information is too g