The hope was that it would reduce volatility, but this quarter it added to it. We lost money as opposed to making money on it.

Several of our trading books were on the wrong side of interest rates. It was a bunch of positions that didn't work out.

Over time, you'll probably see [value at risk] go up. Hopefully, we'll do it intelligently and we'll get paid for it.

We thought it would cause a bubble. The bubble is just bigger than we thought.

While the credit environment remains challenging, we are beginning to see a slowing of deterioration in parts of our business, ... Although this is not expected to improve credit costs in the near term, it could lead to improvement in the latter part of the year.

These short-term results are absolutely unacceptable to our shareholders ? and to Bank One management,