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Certain statements included in this section constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon the Company.
Trying to point out, not this? >> it would have led to it not happening. you would have derivatives which were part of this trade. these credential swaps that were used would be more transparent, which it's supposed to be. it's just that the delay has been very long in terms of getting a real exchange up and running and allowing that transparency there. that might have been one part of it. but it's still unclear whether this hedging activity would have been allowed or not under the vocal rule. even when we finally get it, the interpretation of the vocal rule is going to be left largely to the ...
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." ...