why are we here? . what will you do to be different? do you need to be regulated better or more? what were the mistakes? >> i think on the mistakes, we were part of a system that introduced too much credit and too loose credit and -- which served to create and build up the bubble. and we played a role in that. we financed companies that were perhaps a little bit too leveraged and we did real estate transactions that may have been too leveraged and that played a role in creating the bubble, which ultimately broke and the consequences of the last two years bear that out. >> reporter: it's an interesting point, kiran, that he's accepting responsibility for being part of a system that was part of a bubble, but he's not accepting responsibility for any of the specific charges, the s.e.c. charges, of creating