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Disclosed. >> why, barry, is having an exchange, or any any marketplace, so beneficial? >> well, a number of reasons. keep in mind that swaps and other derivatives are unique animals in the financial world. stocks, bonds, options, mutual funds, futures. everything else is required to be traded on an exchange, have reserve requirements, the exchanges make sure that the people who are actually trading these instruments have sufficient capital requirements, they're capable of meeting margin calls. they have the ability to stand behind the trades. when you have the exchange there, someone is guara...

A lot of the aggressive stuff we did. i'm all for it. my hat goes off to judge rakov. he's a critically important guy. >> were you to be attorney general today, what would your view be of either prosecuting or investigating jon corzine or mf global relative to the blending of firm assets and customer assets? >> let me be careful here for the following reasons. john has been a friend. i've always liked him. i want that to be out there, full disclosure, which is a critically important thing in every domain. i still have a hard time believing that john ever would have sanctioned using customer se...

There is more to go on the downside or if this is a squall, however brief and however intense, that may just pass and we go back to the bull market run. >> on the squall front, can we get technical for a moment? >> sure. >> one of the drivers on frid / friday/monday were the funds that had gone short volatilitvo. we had this steady climb, climb, climb, and investors, it became profitable to bet against any volatility. as soon as volatility came back into the market, you saw those funds forced to liquid daate. we had a extreme drop on monday. do you account it to other investors, now that it is...

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This revaluation of the stock market. we have to see that continue to play out. >> neil: we lost 700 points, we have to reevaluate lower or what? >> you saw yesterday a lot of gyrations up and down. i think the market is trying to fan a level. -- to find a level. i wish i knew but i know these revaluations are sloppy. they are not smooth. they tend to go up and down there's margin calls and short covering which conflict with one another. >> neil: technical there. would it be any different if there was a unanimous decision? if fitch and moody's had ginned s&p to say, hey this -- had joined s&p ...