we're not comfortable, we're going, selling this thing short, we're going on the short side? that's my question. you understand the question? >> mr. chairman, i understand the question. i haven't gone through all the e-mails, but what clients who did not want to participate in that deal did not. >> the client ask you a question how do you guys get comfortable? it's a question. what was your answer? >> mr. chairman -- >> did you tell him -- >> we would have had the sales force get on the with deal team and walk through each security that they had exposure to and answer any questions that they had about that security. >> don't you also have a duty to disclose an adverse interest to your client? do you have that duty? if you have an adverse duty to your client do you have a duty to expose that to your client? >> how we are positioned? >> you have an adverse interest