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

Most of the management team feels that we are not a lean and mean competitor,

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.