 One of the things we have to understand is what happened at SVP. The most important point that I don't see covered very well is that this bank and its executives and its board missed every clear yellow and red sign, every yellow and red flag that said, trouble lurks ahead. When JP Morgan said in November, trouble lurks ahead, not a single regulator responded to it, not a single executive responded to it. When a blogger, when a financial blogger said in December,