losses of billions of dollars and tens of billions of dollars. that not only hurt their own firm, that cast a very, very big risk upon the system. as those institutions failed, they threatened other institutions as well. so what we -- so the buying and selling and the hedging activity that goes on is a part of our risk management system. >> and you don't think that there is any conflict -- you don't think you need to disclose to the person you're selling the risk, the security, that by the way, as a firm, we are sort of betting against this risk. >> you keep using this term "betting against." first of all, we have thousands of traders who are adjusting their position every day. they may not even know what the risk of the house is. let's say, for example, somebody wanted to buy an oil company. a stock of a particular oil company and they asked us. the person who's buying it doesn't care whether we are negative or positive on the