the minutes report only that mr. coker stated ers contract out to external managers for this expertise and the minutes do not include that mr. cocker had expressly noted none of ers investment staff has experience in these areas that commissioner stansbury thoughtfully raised. the minute also do not report whether ers intends to have a external manager review the [inaudible] loan package before you buy them. to me that seems as if you would be violating your fiduciary responsibilities if you fail to have them analyzed from the perspective of asset backed liabilities, collateralized loan obligations and the issue of defining credit ratings to individual securities. who is going to review this package of loans that apparently ers staff are not qualified to analyze? >> any other members of the public who would like to speak on the aruvl of the minutes? any other discussion? >> i think patrick [inaudible] good point regarding commissioner stansbury points. i think patrick [inaudible] point are valid regarding the minute. they

the minutes report only that mr. cokerct out to external managers for this expertise and the minutes do not include that mr. cocker had expressly noted none of ers investment staff has experience in these areas that commissioner stansbury thoughtfully raised. the minute also do not report whether ers intends to have a external manager review the [inaudible] loan package before you buy them. to me that seems as if you would be violating your fiduciary responsibilities if you fail to have them analyzed from the perspective of asset backed liabilities, collateralized loan obligations and the issue of defining credit ratings to individual securities. who is going to review this package of loans that apparently ers staff are not qualified to analyze? >> any other members of the public who would like to speak on the aruvl of the minutes? any other discussion? >> i think patrick [inaudible] good point regarding commissioner stansbury points. i think patrick [inaudible] point are valid regarding the minute. they should reflect acc

the minutes report only that mr. coker stated ers contract out to external managers for this expertise and the minutes do not include that mr. cocker had expressly noted none of ers investment staff has experience in these areas that commissioner stansbury thoughtfully raised. the minute also do not report whether ers intends to have a external manager review the [inaudible] loan package before you buy them. to me that seems as if you would be violating your fiduciary responsibilities if you fail to have them analyzed from the perspective of asset backed liabilities, collateralized loan obligations and the issue of defining credit ratings to individual securities. who is going to review this package of loans that apparently ers staff are not qualified to analyze? >> any other members of the public who would like to speak on the aruvl of the minutes? any other discussion? >> i think patrick [inaudible] good point regarding commissioner stansbury points. i think patrick [inaudible] point are valid regarding the minute. they