About 'standard accounting and reporting system'|...other thing." He or she may also "use, or cause to be used, any computer system in the place to search and examine any information contained in or available to the system." The Prince...

About 'standard accounting and reporting system'|...other thing." He or she may also "use, or cause to be used, any computer system in the place to search and examine any information contained in or available to the system." The Prince...

Ｉ               ｒｅｃｅｉｖｅｄ               ｍａｎｙ               ｃｏｍｍｅｎｔｓ               ｏｎ               ａ               ｐｒｅｖｉｏｕｓ               ａｒｔｉｃｌｅ               ｔｈａｔ               Ｉ               ｗｒｏｔｅ               ａｎｄ               ｓｕｂｍｉｔｔｅｄ               ｔｏ               ａ               ｎｕｍｂｅｒ               ｏｆ               ｓｉｔｅｓ               ｃｏｎｃｅｒｎｉｎｇ               ｍｙ               ｔｈｅｏｒｙ               ａｂｏｕｔ               ｗｈｏ               ｍａｙ               ｂｅ               ｒｅｓｐｏｎｓｉｂｌｅ               ｆｏｒ               ｔｈｅ               ｓｕｂ-ｐｒｉｍｅ               ｍｏｒｔｇａｇｅ               ｍｅｓｓ. Ｔｈｅ               ａｒｔｉｃｌｅ               ｃａｎ               ｂｅ               ｖｉｅｗｅｄ               ａｔ:               ｈｔｔｐ://ｗｗｗ.ａｓｓｏｃｉａｔｅｄｃｏｎｔｅｎｔ.ｃｏｍ/ａｒｔｉｃｌｅ/557061/ｗｈｏ_ｉｓ_ｒｅｓｐｏｎｓｉｂｌｅ_ｆｏｒ_ｔｈｅ_ｓｕｂｐｒｉｍｅ.ｈｔｍｌ               Ｏｎｅ               ｃｏｍｍｅｎｔ               ｐｏｓｔｅｄ               ｔｏ               ｔｈｅ               ａｂｏｖｅ               ａｒｔｉｃｌｅ               ｗｒｏｔｅ               ｔｈｅ               ｆｏｌｌｏｗｉｎｇ:               "Ａｎ               ｉｎｔｅｒｅｓｔｉｎｇ               ｔａｋｅ               -               ｂｕｔ               Ｉ               ｄｏｎ'ｔ               ｔｈｉｎｋ               ｔｈｅ               ｂｌａｍｅ               ｆｏｒ               ｔｈｉｓ               ｌｉｅｓ               ｗｉｔｈ               ｌａｗｙｅｒｓ               (ｔｈｏｕｇｈ               ｓｏｍｅ               ｏｆ               ｔｈｅｍ               ｗｉｌｌ               ｂｅ               ｂｅｎｅｆｉｃｉａｒｉｅｓ). Ａ               ｇｏｖｅｒｎｍｅｎｔ               ｓｔｒｕｃｔｕｒｅ               ｔｈａｔ               ｄｉｄ               ａｗａｙ               ｗｉｔｈ               ｍｕｃｈ               ｒｅｇｕｌａｔｉｏｎ               ｏｆ               ｂａｎｋｉｎｇ,               ｆｉｎａｎｃｅ,               ｒｅａｌ               ｅｓｔａｔｅ               ｌｉｃｅｎｓｉｎｇ,               ｂｒｏｋｅｒａｇｅｓ,               ｔｉｔｌｅ               ｃｏｍｐａｎｉｅｓ,               ｅｔｃ. ｉｓ               ｔｏ               ｂｌａｍｅ               ａｓ               ｗｅｌｌ               ａｓ               ａ               ｂｏｏｍ               ａｎｄ               ｂｕｓｔ               ｅｃｏｎｏｍｉｃ               ｓｔｒａｔｅｇｙ               ｂｕｉｌｔ               ｏｎ               ｗｉｎｄｆａｌｌ               ｐｒｏｆｉｔ               ｓｃｅｎａｒｉｏｓ."                Ｓｏ,               ｗｈｏ               ｗｏｕｌｄ               ｐｒｏｐｏｓｅ               ｔｈｅ               ｄｅｒｅｇｕｌａｔｉｏｎ               ｏｆ               ｆｉｎａｎｃｉａｌ               ａｎｄ               ｒｅａｌ               ｅｓｔａｔｅ               ｆｉｒｍｓ               ｓｕｃｈ               ａｓ               ｔｈｅｓｅ               ａｓ               ｗｅｌｌ               ａｓ               ｄｅｖｅｌｏｐ               ａｎ               ｅｃｏｎｏｍｉｃ               ｓｔｒａｔｅｇｙ               ｔｈａｔ               ｗｏｕｌｄ               ｓｅｅｋ               ｐｒｏｆｉｔ               ｏｆｆ               ｔｈｅ               ｈａｒｄｓｈｉｐｓ               ｏｆ               ｍｉｎｏｒｉｔｙ               ａｎｄ               ｌｏｗ-ｉｎｃｏｍｅ               ｉｎｄｉｖｉｄｕａｌｓ?                Ａｃｃｏｒｄｉｎｇ               ｔｏ               ｔｈｅ               ｓｔａｔｉｓｔｉｃｓ,               "ｌａｗ"               ｈａｓ               ｌｏｎｇ               ｂｅｅｎ               ｔｈｅ               ｄｏｍｉｎａｎｔ               ｐｒｏｆｅｓｓｉｏｎ               ｆｏｒ               ｍｅｍｂｅｒｓ               ｏｆ               Ｃｏｎｇｒｅｓｓ               ｗｉｔｈ               228               ｏｆ               ｔｈｅ               535               ｍｅｍｂｅｒｓ               ｏｆ               ｔｈｅ               109ｔｈ               Ｃｏｎｇｒｅｓｓ               ｈａｖｉｎｇ               ｌａｗ               ｄｅｇｒｅｅｓ               ａｎｄ               235               ｏｆ               ｔｈｅ               534               ｍｅｍｂｅｒｓ               ｏｆ               ｔｈｅ               108ｔｈ               Ｃｏｎｇｒｅｓｓ. Ｔｈａｔ               ｉｓ               ａ               ｐｒｅｔｔｙ               ｈｉｇｈ               ｆｉｇｕｒｅ               ｗｈｅｎ               ｙｏｕ               ｔａｋｅ               ｉｎｔｏ               ａｃｃｏｕｎｔ               ｔｈａｔ               ａｃｃｏｒｄｉｎｇ               ｔｏ               ｔｈｅ               2000               Ｕ.Ｓ. Ｃｅｎｓｕｓ               ｏｎｌｙ               1.1               ｐｅｒｃｅｎｔ               ｏｆ               ｔｈｅ               ｔｏｔａｌ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               ｐｏｐｕｌａｔｉｏｎ               ｓｔａｔｅｄ               ｔｈａｔ               ｔｈｅｙ               ｗｏｒｋｅｄ               ｉｎ               ｔｈｅ               ｌｅｇａｌ               ｏｃｃｕｐａｔｉｏｎｓ. Ｍａｎｙ               ｏｆ               ｔｈｏｓｅ               ｔｈａｔ               ｄｉｄ               ｓｔａｔｅ               ｔｈａｔ               ｔｈｅｙ               ｗｅｒｅ               ｉｎ               ｔｈｅ               ｌｅｇａｌ               ｏｃｃｕｐａｔｉｏｎｓ               ｗｏｕｌｄ               ｎｏｔ               ｈａｖｅ               ｂｅｅｎ               ｌａｗｙｅｒｓ               ｂｕｔ               ｗｏｕｌｄ               ｈａｖｅ               ｂｅｅｎ               ｌａｗ               ｃｌｅｒｋｓ               ｏｒ               ｐａｒａｌｅｇａｌｓ.                Ｔｈｅ               ｃｏｍｍｅｎｔａｒｙ               ａｌｓｏ               ｄｅｓｃｒｉｂｅｓ               ｔｈｅ               ｐｒｏｂｌｅｍ               ａｓ               ｔｈｅ               ｆａｕｌｔ               ｏｆ               "Ｌｅｎｄｅｒｓ               ｗｅｒｅ               ｕｓｉｎｇ               ｉｒｒａｔｉｏｎａｌ               ｆｏｒｍｕｌａｓ               ａｎｄ               ｍａｋｉｎｇ               ｉｒｒｅｓｐｏｎｓｉｂｌｅ               ｃｌａｉｍｓ               ｔｏ               ｂｕｙｅｒｓ               ａｂｏｕｔ               ｃｏｎｔｉｎｕｉｎｇ               ｈｉｇｈ               ｐｒｉｃｅｓ. Ｔｈｅｙ               ｂｕｉｌｔ               ｔｈｅ               ｂｕｂｂｌｅ               ａｎｄ               ｔｈｅｙ               ｋｎｅｗ               ｉｔ               ｆｏｒ               ｗｈａｔ               ｉｔ               ｗａｓ               ａｎｄ               ｔｈｅｙ               ｕｓｅｄ               ｉｔ               ｔｏ               ｊｕｍｐ               ｓｔａｒｔ               ｔｈｅ               ｅｃｏｎｏｍｙ               ｂｙ               ｓｐｕｒｒｉｎｇ               ｈｏｍｅ               ｓｔａｒｔｓ,               ｅｔｃ. Ｌｏｏｋ               ａｔ               ｔｈｅ               ｅｃｏｎｏｍｙ               ｎｏｗ... Ｗｈｅｎ               ｓｏｍｅｔｈｉｎｇ               ａｓ               ｅｓｓｅｎｔｉａｌ               ａｓ               ｈｏｕｓｉｎｇ               ｂｅｃｏｍｅｓ               ｕｎａｆｆｏｒｄａｂｌｅ               ｔｏ               ａ               ｍａｊｏｒｉｔｙ               ｏｆ               Ａｍｅｒｉｃａｎｓ               (ｗｈｉｃｈ               ｉｔ               ｗａｓ               ｉｎ               2005/2006)               ｉｔ               ｃｒｅａｔｅｓ               ａ               ｓｅｎｓｅ               ｏｆ               ｐａｎｉｃ               ａｎｄ               ｕｒｇｅｎｃｙ               ｔｈａｔ               ｉｓ               ｐｏｕｎｃｅｄ               ｕｐｏｎ               ｂｙ               ｓｐｅｃｕｌａｔｏｒｓ               -               ａ               ｌｉｔｔｌｅ               ｒｅｇｕｌａｔｉｏｎ               ｗｏｕｌｄ               ｈａｖｅ               ｑｕｅｌｌｅｄ               ｔｈｅ               ｐａｎｉｃ               ａｎｄ               ｋｅｐｔ               ｐｒｉｃｅｓ               ｄｏｗｎ               ｌｏｎｇｅｒ,               ｐｒｅｓｅｒｖｉｎｇ               ａｆｆｏｒｄａｂｉｌｉｔｙ               ａｎｄ               ａｖｏｉｄｉｎｇ               ａｌｌ               ｔｈｅ               ｂｕｔ               ｍｏｓｔ               ｉｒｒｅｓｐｏｎｓｉｂｌｅ               ｆｏｒｅｃｌｏｓｕｒｅｓ..."                Ｎｏｗ,               ｗｈｅｎ               ｙｏｕ               ａｒｅ               ａ               ｐｏｏｒ,               ｓｔｒｕｇｇｌｉｎｇ               ｌａｗｙｅｒ               ａｎｄ               ｙｏｕ               ｈａｖｅ               ａ               ｆｅｗ               ｂｕｃｋｓ               ｔｏ               ｔｕｃｋ               ａｗａｙ               ｗｈｅｒｅ               ｈａｓ               ｔｈｅ               ｓｏｕｎｄｅｓｔ               ｉｎｖｅｓｔｍｅｎｔ               ａｌｗａｙｓ               ｂｅｅｎ? Ｔｈａｔ'ｓ               ｒｉｇｈｔ,               ｔｈｉｎｋ               ａｂｏｕｔ               ｉｔ. Ｆｉｎａｎｃｉａｌｓ               ｈａｖｅ               ａｌｗａｙｓ               ｂｅｅｎ               ｔｈｅ               ｓａｆｅｓｔ               ｐｌａｃｅ               ｔｏ               ｉｎｖｅｓｔ               ｙｏｕｒ               ｄｏｌｌａｒｓ               ａｎｄ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｉｎｖｅｓｔ               ｈｅａｖｉｌｙ               ｉｎ               ｔｈｅ               ｒｅａｌ               ｅｓｔａｔｅ               ｍａｒｋｅｔ,               ｂｕｔ               ｔｈｅ               ｒｅａｌ               ｅｓｔａｔｅ               ｍａｒｋｅｔ,               ａｓ               ｙｏｕ               ｓａｙ,               ｈａｄ               ｂｅｅｎ               ｌｉｔｔｌｅ               ｏｎ               ｔｈｅ               ｄｏｗｎｓｉｄｅ               ｉｎ               ｔｈｅ               1970ｓ. Ｋｅｅｐ               ｉｎ               ｍｉｎｄ               ｔｈａｔ               ｆｉｎａｎｃｉａｌ               ｓｔｏｃｋｓ               ｔｅｎｄ               ｔｏ               ｂｅ               ｍｏｒｅ               ｔｈａｎ               $100               ｐｅｒ               ｓｈａｒｅ.                Ｋｅｙ               Ｂａｎｋｉｎｇ               Ｌｅｇｉｓｌａｔｉｏｎ                Ｇｌａｓｓ-Ｓｔｅａｇａｌｌ               Ａｃｔ               (ＧＳＡ)                Ｄｕｒｉｎｇ               ｔｈｅ               "Ｇｒｅａｔ               Ｄｅｐｒｅｓｓｉｏｎ,"               ａ               ｄｅｔｅｒｍｉｎａｔｉｏｎ               ｗａｓ               ｍａｄｅ               ｔｈａｔ               ｉｍｐｒｏｐｅｒ               ｂａｎｋｉｎｇ               ａｃｔｉｖｉｔｙ               ｗａｓ               ｔｈｅ               ｃａｕｓｅ               ｏｆ               ｔｈｅ               1929               ｓｔｏｃｋ               ｍａｒｋｅｔ               ｃｒａｓｈ. Ｃｏｍｍｅｒｃｉａｌ               ｂａｎｋｓ               ｗｅｒｅ               ａｃｃｕｓｅｄ               ｏｆ               ｂｅｉｎｇ               ｔｏｏ               ｓｐｅｃｕｌａｔｉｖｅ               ｉｎ               ｔｈｅ               ｐｒｅ-Ｄｅｐｒｅｓｓｉｏｎ               ｅｒａ. Ｑｕｅｓｔｉｏｎａｂｌｅ               ｌｏａｎｓ               ｗｅｒｅ               ｉｓｓｕｅｄ               ｔｏ               ｃｏｍｐａｎｉｅｓ               ｉｎ               ｔｈａｔ               ｔｈｅ               ｂａｎｋ               ｉｎｖｅｓｔｅｄ               ｉｎ,               ａｎｄ               ｔｈｅｎ               ｔｈｅ               ｃｌｉｅｎｔｓ               ｏｆ               ｔｈｅ               ｂａｎｋ               ｗｏｕｌｄ               ｂｅ               ｅｎｃｏｕｒａｇｅｄ               ｔｏ               ｉｎｖｅｓｔ               ｉｎ               ｔｈｏｓｅ               ｓａｍｅ               ｓｔｏｃｋｓ. Ａｓ               ａ               ｒｅｓｕｌｔ               ｏｆ               ｔｈｉｓ               ｄｅｔｅｒｍｉｎａｔｉｏｎ,               ｌａｗｓ               ｗｅｒｅ               ｅｎａｃｔｅｄ               ｔｈａｔ               ｂｌｏｃｋｅｄ               ｂａｎｋｓ,               ｓｔｏｃｋｂｒｏｋｅｒｓ,               ａｎｄ               ｉｎｓｕｒａｎｃｅ               ｃｏｍｐａｎｉｅｓ               ｆｒｏｍ               ｅｎｔｅｒｉｎｇ               ｅａｃｈ               ｏｔｈｅｒ'ｓ               ｌｉｎｅ               ｏｆ               ｂｕｓｉｎｅｓｓ. Ｔｈｉｓ               ｌａｗ               ｗａｓ               ｃａｌｌｅｄ               ｔｈｅ               Ｇｌａｓｓ-Ｓｔｅａｇａｌｌ               Ａｃｔ               (ＧＳＡ). Ｔｈｉｓ               ｅｓｔａｂｌｉｓｈｅｄ               ａ               ｒｅｇｕｌａｔｏｒｙ               ｆｉｒｅｗａｌｌ               ｂｅｔｗｅｅｎ               ｔｈｅ               ｃｏｍｍｅｒｃｉａｌ               ａｎｄ               ｉｎｖｅｓｔｍｅｎｔ               ｂａｎｋｉｎｇ               ｉｎｓｔｉｔｕｔｉｏｎｓ.                Ｔｈｅ               ｆｉｒｅｗａｌｌ               ａｉｍｅｄ               ａｔ               ｐｒｏｔｅｃｔｉｎｇ               ｔｈｅ               ｃｏｎｓｕｍｅｒ               ｂｙ               ｌｉｍｉｔｉｎｇ               ｕｎｄｅｒｗｒｉｔｉｎｇ               ａｃｔｉｖｉｔｉｅｓ               ｗｉｔｈ               ｔｈｅ               ｕｓｅ               ｏｆ               ｃｏｎｓｕｍｅｒ               ｄｅｐｏｓｉｔｓ. Ｃｏｍｍｅｒｃｉａｌ               ｂａｎｋｓ               ｃｏｕｌｄ               ｈｏｗｅｖｅｒ               ｕｎｄｅｒｗｒｉｔｅ               ｇｏｖｅｒｎｍｅｎｔ-ｉｓｓｕｅｄ               ｂｏｎｄｓ. Ｉｎ               ａｄｄｉｔｉｏｎ,               ｏｕｔ               ｏｆ               ｃｏｎｃｅｒｎ               ｆｏｒ               ｂａｎｋｓ               ａｍａｓｓｉｎｇ               ｔｏｏ               ｍｕｃｈ               ｐｏｗｅｒ,               ｆｕｒｔｈｅｒ               ｐｏｌｉｃｉｅｓ               ｗｅｒｅ               ｉｎｉｔｉａｔｅｄ               ｉｎ               1956               ｌｉｍｉｔｉｎｇ               ｔｈｅ               ａｂｉｌｉｔｙ               ｏｆ               ｔｈｅ               ｂａｎｋｓ               ｔｏ               ｕｎｄｅｒｗｒｉｔｅ               ｉｎｓｕｒａｎｃｅ               ｐｏｌｉｃｉｅｓ. Ａ               ｂａｎｋ               ｃｏｕｌｄ               ｏｗｎ               ａｎ               ｉｎｓｕｒａｎｃｅ               ｃｏｍｐａｎｙ,               ｂｕｔ               ｃｏｕｌｄ               ｎｏｔ               ｕｎｄｅｒｗｒｉｔｅ               ｔｈｅ               ｉｎｓｕｒａｎｃｅ. Ｏｖｅｒ               ｔｈｅ               ｙｅａｒｓ               ｌａｗｍａｋｅｒｓ               ｈａｖｅ               ｄｅｂａｔｅｄ               ｒｅｑｕｅｓｔｓ               ｂｙ               ｔｈｅ               ａｆｏｒｅｍｅｎｔｉｏｎｅｄ               ｉｎｄｕｓｔｒｉｅｓ               ｔｏ               ｒｅｐｅａｌ               ｔｈｉｓ               ｌｅｇｉｓｌａｔｉｏｎ               ｉｎ               ｉｔｓ               ｅｎｔｉｒｅｔｙ.                Ｃｏｍｍｕｎｉｔｙ               Ｒｅｉｎｖｅｓｔｍｅｎｔ               Ａｃｔ               ｏｆ               1977                Ｉｎ               ｒｅｓｐｏｎｓｅ               ｔｏ               ｔｈｅ               ｐｒａｃｔｉｃｅ               ｏｆ               ｒａｃｉａｌｌｙ-ｍｏｔｉｖａｔｅｄ               ｄｅｎｉａｌ               ｏｆ               ｃｒｅｄｉｔ               ａｎｄ               ｗｉｔｈ               ｃｏｎｓｉｄｅｒａｂｌｅ               ｏｐｐｏｓｉｔｉｏｎ               ｆｒｏｍ               ｔｈｅ               ｍａｉｎｓｔｒｅａｍ               ｂａｎｋｉｎｇ               ｃｏｍｍｕｎｉｔｙ,               ｆｕｒｔｈｅｒ               ｌｅｇｉｓｌａｔｉｏｎ               ｗａｓ               ｐｒｏｐｏｓｅｄ               ｔｈａｔ               ｗｏｕｌｄ               ｐｒｏｈｉｂｉｔ               ａ               ｂａｎｋ               ｆｒｏｍ               ｔａｒｇｅｔｉｎｇ               ａｎｄ               ｏｆｆｅｒｉｎｇ               ｓｅｒｖｉｃｅｓ               ｔｏ               ｏｎｌｙ               ｔｈｅ               ｗｅａｌｔｈｉｅｒ               ｎｅｉｇｈｂｏｒｈｏｏｄｓ               ｉｎ               ｔｈｅｉｒ               ｓｅｒｖｉｃｅ               ａｒｅａ. Ｔｈｉｓ               ｐｒａｃｔｉｃｅ               ｗａｓ               ｋｎｏｗｎ               ａｓ               "ｒｅｄｌｉｎｉｎｇ.                Ｔｈｅ               Ｃｏｍｍｕｎｉｔｙ               Ｒｅｉｎｖｅｓｔｍｅｎｔ               Ａｃｔ               ｏｆ               1977               (ＣＲＡ)               ｗａｓ               ａ               ｌａｗ               ｔｈａｔ               ｒｅｑｕｉｒｅｄ               ｂａｎｋｓ               ｔｏ               ｐｒｏｖｉｄｅ               ｓｅｒｖｉｃｅｓ               ｆｏｒ               ｔｈｅ               ｌｏｗｅｒ-ｉｎｃｏｍｅ               ｃｕｓｔｏｍｅｒｓ               ｉｎ               ｔｈｅｉｒ               ｓｅｒｖｉｃｅ               ａｒｅａｓ. Ｔｈｅ               ｐｕｒｐｏｓｅ               ｏｆ               ｔｈｅ               ＣＲＡ               ｗａｓ               ｔｏ               ｐｒｏｖｉｄｅ               ｃｒｅｄｉｔ,               ｉｎｃｌｕｄｉｎｇ               ｈｏｍｅ               ｏｗｎｅｒｓｈｉｐ               ｏｐｐｏｒｔｕｎｉｔｉｅｓ               ｔｏ               ｕｎｄｅｒｓｅｒｖｅｄ               ｐｏｐｕｌａｔｉｏｎｓ               ａｎｄ               ｃｏｍｍｅｒｃｉａｌ               ｌｏａｎｓ               ｔｏ               ｓｍａｌｌ               ｂｕｓｉｎｅｓｓｅｓ. Ｍａｎｙ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｄｉｄ               ｎｏｔ               ｗａｎｔ               ｔｏ               ｃｏｍｐｌｙ               ｗｉｔｈ               ｔｈｅ               ｐｒｏｖｉｓｉｏｎｓ               ｏｆ               ｔｈｅ               ＣＲＡ               ｓｏ               ｉｎ               1989,               Ｃｏｎｇｒｅｓｓ               ｐａｓｓｅｄ               ａｄｄｉｔｉｏｎａｌ               ｌｅｇｉｓｌａｔｉｏｎ               ｔｈａｔ               ｒｅｑｕｉｒｅｄ               ｒｅｇｕｌａｔｏｒｓ               ｔｏ               ｏｖｅｒｓｅｅ,               ｅｖａｌｕａｔｅ               ａｎｄ               ｍａｋｅ               ｐｕｂｌｉｃ               ａｎ               ｉｎｓｔｉｔｕｔｉｏｎ'ｓ               ＣＲＡ               ｐｅｒｆｏｒｍａｎｃｅ. Ｔｈｉｓ               ｃｈａｎｇｅ,               ａｌｏｎｇ               ｗｉｔｈ               ｉｎｃｒｅａｓｅｄ               Ｃｏｎｇｒｅｓｓｉｏｎａｌ               ａｔｔｅｎｔｉｏｎ               ｔｏ               ｔｈｅ               ｌａｗ'ｓ               ｅｎｆｏｒｃｅｍｅｎｔ               ｆｏｒｃｅｄ               ｃｏｍｐｌｉａｎｃｅ.                Ａｄｄｉｔｉｏｎａｌ               ｌｅｇｉｓｌａｔｉｏｎ               ｗａｓ               ｒｅｖｉｅｗｅｄ               ａｎｄ               ｃｈａｎｇｅｄ               ｉｎ               1995               ｔｏ               ｉｎｃｌｕｄｅ               ａｌｌｏｗｉｎｇ               ｓｕｂ-ｐｒｉｍｅ               ｍｏｒｔｇａｇｅｓ               ｔｏ               ｂｅ               ａｃｑｕｉｒｅｄ,               ｃｌａｓｓｉｆｉｅｄ               ａｎｄ               ｏｆｆｅｒｅｄ               ａｓ               ｃｏｌｌａｔｅｒａｌ               ｆｏｒ               ａ               ｔｈｉｒｄ-ｐａｒｔｙ               ｉｎｖｅｓｔｍｅｎｔ. Ｔｈｉｓ               ｗａｓ               ｃａｌｌｅｄ               ｓｅｃｕｒｉｔｉｚａｔｉｏｎ. Ｔｈｅ               ｆｉｒｓｔ               ｐｕｂｌｉｃ               ｓｅｃｕｒｉｔｉｚａｔｉｏｎ               ｏｆ               ＣＲＡ               ｌｏａｎｓ               ｓｔａｒｔｅｄ               ｉｎ               1997. Ｍｅａｎｗｈｉｌｅ,               ｍｉｌｌｉｏｎｓ               ｏｆ               ｄｏｌｌａｒｓ               ｗａｓ               ｓｐｅｎｔ               ｂｙ               ｔｈｅ               ｂａｎｋｉｎｇ,               ｓｅｃｕｒｉｔｉｅｓ               ａｎｄ               ｉｎｖｅｓｔｍｅｎｔ               ａｎｄ               ｉｎｓｕｒａｎｃｅ               ｉｎｔｅｒｅｓｔｓ               ｔｏ               ｌｏｂｂｙ               ｍｅｍｂｅｒｓ               ｏｆ               Ｃｏｎｇｒｅｓｓ,               ｐｏｌｉｔｉｃａｌ               ｐａｒｔｉｅｓ               ａｎｄ               ｆｉｎａｌｌｙ               ｔｈｅ               Ｃｌｉｎｔｏｎ               Ａｄｍｉｎｉｓｔｒａｔｉｏｎ               ｆｏｒ               ｔｈｅ               ｒｅｐｅａｌ               ｏｆ               ｔｈｅ               ＧＳＡ.                Ｔｉｍｅｌｉｎｅ               Ｏｆ               Ａ               Ｗｅｌｌ-Ｋｎｏｗｎ,               Ｌａｒｇｅ-Ｓｃａｌｅ               Ｓｕｂ-ｐｒｉｍｅ               Ｌｅｎｄｅｒ                Ｌｅｔ'ｓ               ｒｅｖｉｅｗ               ｔｈｅ               ｈｉｓｔｏｒｉｃａｌ               ｔｉｍｅｌｉｎｅ               ｏｆ               ｔｈｅ               ａｃｔｉｏｎｓ               ｏｆ               ｏｎｅ               ｏｆ               ｔｈｅ               ｍａｊｏｒ               ｐｌａｙｅｒｓ               ｉｎ               ｂｏｔｈ               ｔｈｅ               1929               ｓｔｏｃｋ               ｍａｒｋｅｔ               ｃｒａｓｈ               ａｎｄ               ｃｏｉｎｃｉｄｅｎｔｌｙ,               ｗｈａｔ               ｈａｓ               ｂｅｃｏｍｅ               ｋｎｏｗｎ               ａｓ               ｔｈｅ               "Ｓｕｂ-ｐｒｉｍｅ               Ｌｏａｎ               Ｍｅｓｓ"               -               Ｃｉｔｉｇｒｏｕｐ                1812               ｔｏ               1921               -               Ｏｎ               Ｊｕｎｅ               16,               1812,               ｗｉｔｈ               $2               ｍｉｌｌｉｏｎ               ｏｆ               ｃａｐｉｔａｌ,               Ｃｉｔｙ               Ｂａｎｋ               ｏｆ               Ｎｅｗ               Ｙｏｒｋ               (ｎｏｗ               Ｃｉｔｉｂａｎｋ)               ｏｐｅｎｅｄ               ｆｏｒ               ｂｕｓｉｎｅｓｓ               ｉｎ               Ｎｅｗ               Ｙｏｒｋ               Ｃｉｔｙ. Ｉｎ               1822,               Ｆａｒｍｅｒｓ'               Ｆｉｒｅ               Ｉｎｓｕｒａｎｃｅ               ａｎｄ               Ｌｏａｎ               Ｃｏｍｐａｎｙ               ｉｓ               ｆｏｕｎｄｅｄ. Ｂｙ               1894               ｔｈｅ               ｂａｎｋ               ｂｅｃｏｍｅｓ               ｔｈｅ               ｌａｒｇｅｓｔ               ｂａｎｋ               ｉｎ               ｔｈｅ               Ｕ.Ｓ. Ｔｈｅ               ｂａｎｋ               ｔｈｅｎ               ｂｅｃｏｍｅｓ               ｔｈｅ               ｆｉｒｓｔ               ｍａｊｏｒ               Ａｍｅｒｉｃａｎ               ｂａｎｋ               ｔｏ               ｏｆｆｅｒ               ｕｎｓｅｃｕｒｅｄ               ｐｅｒｓｏｎａｌ               ｌｏａｎｓ               ｔｏ               ｉｔｓ               ｄｅｐｏｓｉｔｏｒｓ               ａｎｄ               ｏｐｅｎｓ               ａ               ｐｅｒｓｏｎａｌ               ｌｏａｎ               ｄｅｐａｒｔｍｅｎｔ. Ｉｎ               1921               Ｃｈａｒｌｅｓ               Ｅ. Ｍｉｔｃｈｅｌｌ               ｉｓ               ｅｌｅｃｔｅｄ               Ｐｒｅｓｉｄｅｎｔ               ｏｆ               ｔｈｅ               Ｎａｔｉｏｎａｌ               Ｃｉｔｙ               Ｂａｎｋ.                1929               -               Ｎａｔｉｏｎａｌ               Ｃｉｔｙ               Ｂａｎｋ               ｂｅｃｏｍｅｓ               ｔｈｅ               ｌａｒｇｅｓｔ               ｃｏｍｍｅｒｃｉａｌ               ｂａｎｋ               ｉｎ               ｔｈｅ               ｗｏｒｌｄ. Ｅｘｐａｎｓｉｏｎ               ｉｓ               ａｃｃｅｌｅｒａｔｅｄ               ｗｉｔｈ               ａ               ｍｅｒｇｅｒ:               ｔｈｅ               Ｆａｒｍｅｒｓ'               Ｌｏａｎ               ａｎｄ               Ｔｒｕｓｔ               Ｃｏｍｐａｎｙ               ｂｅｃｏｍｅｓ               ｔｈｅ               Ｃｉｔｙ               Ｂａｎｋ               Ｆａｒｍｅｒｓ               Ｔｒｕｓｔ               Ｃｏｍｐａｎｙ. Ｃｈａｒｌｅｓ               Ｅ. Ｍｉｔｃｈｅｌｌ               ｂｅｃｏｍｅｓ               ｃｈａｉｒｍａｎ               ｏｆ               ｔｈｅ               ｂａｎｋ,               ｔｈｅ               ｉｎｖｅｓｔｍｅｎｔ               ｃｏｍｐａｎｙ               ａｎｄ               ｔｈｅ               ｔｒｕｓｔ. Ｍｉｔｃｈｅｌｌ,               ｔｈｅ               ｐｒｅｓｉｄｅｎｔｓ               ｏｆ               ｔｈｅ               ｔｈｒｅｅ               ｃｏｍｐａｎｉｅｓ               ａｎｄ               ｆｉｖｅ               ｏｔｈｅｒ               ｍｅｎ               ｂｅｃａｍｅ               ｔｈｅ               ｅｘｅｃｕｔｉｖｅ               ｃｏｍｍｉｔｔｅｅ               ｆｏｒ               ｔｈｅ               ｏｖｅｒａｌｌ               ｃｏｍｐａｎｙ.                Ｉｎ               ａ               Ｎｏｖｅｍｂｅｒ               1929               ｉｎｔｅｒｖｉｅｗ               Ｕ.Ｓ. Ｓｅｎａｔｏｒ,               Ｃａｒｔｅｒ               Ｇｌａｓｓ               ｄｅｃｌａｒｅｄ               ｔｈａｔ               "Ｍｉｔｃｈｅｌｌ,               ｍｏｒｅ               ｔｈａｎ               ａｎｙ               50               ｍｅｎ               ｉｓ               ｒｅｓｐｏｎｓｉｂｌｅ               ｆｏｒ               ｔｈｉｓ               ｓｔｏｃｋ               ｃｒａｓｈ."               Ｄｅｓｐｉｔｅ               ｔｈｉｓ               ｃｌａｉｍ,               Ｍｉｔｃｈｅｌｌ'ｓ               ｃａｒｅｅｒ               ｉｎ               ｂａｎｋｉｎｇ               ｄｉｄ               ｎｏｔ               ｅｎｄ               ａｆｔｅｒ               ｔｈｅ               ｃｒａｓｈ.                1933               -               Ｔｈｅ               Ｓｅｎａｔｅ               Ｐｅｃｏｒａ               Ｃｏｍｍｉｓｓｉｏｎ               ｌｏｏｋｓ               ｉｎｔｏ               ｔｈｅ               ｓｔｏｃｋ               ｍａｒｋｅｔ               ｃｒａｓｈ               ａｎｄ               ｉｎｖｅｓｔｉｇａｔｅｓ               Ｍｉｔｃｈｅｌｌ               ｆｏｒ               ｈｉｓ               ｐａｒｔ               ｉｎ               ｔｈｅ               ｔｅｎｓ               ｏｆ               ｍｉｌｌｉｏｎｓ               ｄｏｌｌａｒｓ               ｉｎ               ｌｏｓｓｅｓ,               ｅｘｃｅｓｓｉｖｅ               ｐａｙ,               ａｎｄ               ｔａｘ               ａｖｏｉｄａｎｃｅ.                Ｂｅｆｏｒｅ               ｔｈｅ               Ｐｅｃｏｒａ               Ｃｏｍｍｉｓｓｉｏｎ,               Ｍｉｔｃｈｅｌｌ               ｔｅｓｔｉｆｉｅｄ               ｔｈａｔ:                Ｂｅｔｗｅｅｎ               1927               ａｎｄ               1929               ｈｅ               ｗａｓ               ｃｏｍｐｅｎｓａｔｅｄ               $3,556,732               ｂｙ               ｔｈｅ               ｂａｎｋ,               ａ               ｐｒｅｔｔｙ               ｎｉｃｅ               ｐａｙｃｈｅｃｋ               ｆｏｒ               ｔｈｅ               ｔｉｍｅ. Ｉｎ               1929,               ｔｈｅ               Ｎａｔｉｏｎａｌ               Ｃｉｔｙ               Ｂａｎｋ               ｓａｌｅｓｍｅｎ,               ｕｎｄｅｒ               ｔｈｅ               ｄｉｒｅｃｔｉｏｎ               ｏｆ               Ｍｉｔｃｈｅｌｌ,               ｈａｄ               ｓｏｌｄ               1,900,000               ｓｈａｒｅｓ               ｏｆ               Ｎａｔｉｏｎａｌ               Ｃｉｔｙ               ｓｔｏｃｋ               ｔｏ               ｔｈｅ               ｐｕｂｌｉｃ               ｆｏｒ               ｓｏｍｅ               $650,000,000. Ａｆｔｅｒ               ｔｈｅ               ｃｒａｓｈ,               Ｎａｔｉｏｎａｌ               Ｃｉｔｙ               ｌｏａｎｅｄ               $2,400,000               ｔｏ               ｉｔｓ               ｏｗｎ               ｏｆｆｉｃｅｒｓ               ｔｏ               ｈｅｌｐ               ｔｈｅｍ               ｃａｒｒｙ               ｔｈｅｉｒ               ｓｔｏｃｋ               (ｌａｒｇｅｌｙ               Ｎａｔｉｏｎａｌ               Ｃｉｔｙ               ｓｔｏｃｋ). Ｉｎ               ａｄｄｉｔｉｏｎ,               ｔｏ               ａｖｏｉｄ               ｐａｙｍｅｎｔ               ｏｆ               ｈｉｓ               1929               Ｆｅｄｅｒａｌ               ｉｎｃｏｍｅ               ｔａｘ,               Ｍｉｔｃｈｅｌｌ               ｓｏｌｄ               18,000               ｓｈａｒｅｓ               ｏｆ               ｈｉｓ               Ｎａｔｉｏｎａｌ               Ｃｉｔｙ               ｓｔｏｃｋ               ｔｏ               ａ               ｍｅｍｂｅｒ               ｏｆ               ｈｉｓ               ｆａｍｉｌｙ               ａｔ               ａ               $2,800,000               ｌｏｓｓ. Ｗｈｅｎ               ｑｕｅｓｔｉｏｎｅｄ               ｂｙ               ｏｎｅ               Ｓｅｎａｔｏｒ               ａｂｏｕｔ               ｈｏｗ               ｍａｎｙ               ｓｅｃｕｒｉｔｉｅｓ               ｔｈａｔ               ｈａｄ               ｂｅｅｎ               ｓｏｌｄ               ｔｏ               ｔｈｅ               ｐｕｂｌｉｃ               ｗｅｒｅ               ｉｎ               ｄｅｆａｕｌｔ,               Ｍｉｔｃｈｅｌｌ               ａｎｓｗｅｒｅｄ               ｔｈａｔ               "ｄｕｒｉｎｇ               ａ               ｔｅｎ-ｙｅａｒ               ｐｅｒｉｏｄ               ｏｕｒ               ｓａｌｅｓ               ｗｅｒｅ               ａｂｏｕｔ               $20,000,000,000               ａｎｄ               Ｉ               ｔｈｉｎｋ               ｔｈｅｒｅ               ｈａｓ               ｂｅｅｎ               ｄｉｆｆｉｃｕｌｔｙ               . . . ｉｎ               ｓｏｍｅｔｈｉｎｇ               ｕｎｄｅｒ               $1,000,000,000."                Ｍｉｔｃｈｅｌｌ               ｗａｓ               ｎｏｔ               ｉｍｍｅｄｉａｔｅｌｙ               ｄｉｓｍｉｓｓｅｄ               ｂｙ               ｔｈｅ               ｄｉｒｅｃｔｏｒｓ               ｏｆ               ｔｈｅ               ｂａｎｋ               ａｎｄ               ｗｈｅｎ               ｈｅ               ｗａｓ               ｆｉｎａｌｌｙ               ｄｉｓｍｉｓｓｅｄ,               ｉｔ               ｗａｓ               ｗｉｔｈ               ｒｅｌｕｃｔａｎｃｅ. Ｔｈｅ               ｂａｎｋ               ｄｉｒｅｃｔｏｒｓ               ａｌｌｏｗｅｄ               ｔｈｅｉｒ               ｐｅｒｓｏｎａｌ               ａｆｆｉｌｉａｔｉｏｎｓ               ｗｉｔｈ               Ｍｉｔｃｈｅｌｌ               ｔｏ               ｏｖｅｒｒｉｄｅ               ｔｈｅｉｒ               ｒｅｓｐｏｎｓｉｂｉｌｉｔｙ               ｔｏ               ｔｈｅ               ｐｕｂｌｉｃ               ａｎｄ               ｔｈｅｙ               ａｌｓｏ               ｄｅｎｉｅｄ               ｔｈａｔ               ｈｉｓ               ａｃｔｉｏｎｓ               ｗｅｒｅ               ｅｖｅｎ               ｃｕｌｐａｂｌｅ. Ｅｖｅｎ               ｔｈｏｕｇｈ               Ｍｉｔｃｈｅｌｌ               ｗａｓ               ａｃｑｕｉｔｔｅｄ               ａｔ               ｔｒｉａｌ,               ｈｅ               ｌａｔｅｒ               ｒｅｐａｉｄ               ｔｈｅ               ｇｏｖｅｒｎｍｅｎｔ               ｍｏｒｅ               ｔｈａｎ               ａ               ｍｉｌｌｉｏｎ               ｄｏｌｌａｒｓ               ｉｎ               ｂａｃｋ               ｔａｘｅｓ.                Ａｆｔｅｒ               ｔｈｅ               ｆｉｎｄｉｎｇｓ               ｏｆ               ｔｈｅ               Ｐｅｃｏｒａ               Ｃｏｍｍｉｓｓｉｏｎ               ｗｅｒｅ               ｍａｄｅ               ｐｕｂｌｉｃ,               ｍａｎｙ               ｂａｎｋｅｒｓ               ｃｌａｉｍｅｄ               ｔｈａｔ               ｔｈｅ               ｇｒｅａｔｅｒ               ｖｉｌｌａｉｎｓ               ｗｅｒｅ               ｔｈｏｓｅ               ｔｈａｔ               ｈａｄ               ｐｌａｃｅｄ               ｔｈｅ               ｓｃａｎｄａｌ               ｉｎ               ｔｈｅ               ｈｅａｄｌｉｎｅｓ               ｔｈｅｒｅｂｙ               ｒｉｓｋｉｎｇ               ｔｈｅ               ｃｏｎｆｉｄｅｎｃｅ               ｏｆ               ｔｈｅ               Ａｍｅｒｉｃａｎ               ｐｅｏｐｌｅ               ｉｎ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               ｂａｎｋｉｎｇ               ｓｙｓｔｅｍ.                Ｍａｎｙ               ｂａｎｋｅｒｓ               ｔｏ               ｔｈｉｓ               ｄａｙ               ｒｅｍａｉｎ               ｓｔｅａｄｆａｓｔ               ｔｈａｔ               Ｃｈａｒｌｅｓ               Ｅ. Ｍｉｔｃｈｅｌｌ               ｗａｓ               ａ               ｇｅｎｉｕｓ               ｉｎ               ｈｉｓ               ｔｉｍｅ               ａｎｄ               ｈｅ               ｉｓ               ｃｕｒｒｅｎｔｌｙ               ｌｉｓｔｅｄ               ｏｎ               ｔｈｅ               Ｈａｒｖａｒｄ               Ｂｕｓｉｎｅｓｓ               Ｓｃｈｏｏｌ               ｗｅｂｓｉｔｅ               ａｓ               ｏｎｅ               ｏｆ               ｔｈｅ               20ｔｈ               Ｃｅｎｔｕｒｙ               Ｇｒｅａｔ               Ａｍｅｒｉｃａｎ               Ｂｕｓｉｎｅｓｓ               Ｌｅａｄｅｒｓ.                1955               ｔｏ1970               -               Ｔｈｅ               ｂａｎｋ               ｃｈａｎｇｅｓ               ｉｔｓ               ｎａｍｅ               ｔｏ               Ｔｈｅ               Ｆｉｒｓｔ               Ｎａｔｉｏｎａｌ               Ｃｉｔｙ               Ｂａｎｋ               ｏｆ               Ｎｅｗ               Ｙｏｒｋ. Ｔｈｅ               ｎｅｇｏｔｉａｂｌｅ               ｃｅｒｔｉｆｉｃａｔｅ               ｏｆ               ｄｅｐｏｓｉｔ               (ＣＤ)               ｉｓ               ｉｎｖｅｎｔｅｄ               ｂｙ               ｔｈｅ               ｂａｎｋ               ａｎｄ               ｔｈｅｙ               ｅｎｔｅｒ               ｔｈｅ               ｌｅａｓｉｎｇ               ｂｕｓｉｎｅｓｓ. Ｔｈｅ               ｂａｎｋ               ａｌｓｏ               ｅｎｔｅｒｓ               ｔｈｅ               ｃｒｅｄｉｔ               ｃａｒｄ               ｂｕｓｉｎｅｓｓ               ｂｙ               ｉｎｔｒｏｄｕｃｉｎｇ               ｔｈｅ               "Ｅｖｅｒｙｔｈｉｎｇ"               ｃａｒｄ. Ｔｈｅ               "Ｅｖｅｒｙｔｈｉｎｇ"               ｃａｒｄ               ｉｓ               ｃｏｎｖｅｒｔｅｄ               ｔｏ               Ｍａｓｔｅｒ               Ｃｈａｒｇｅ               (ｔｏｄａｙ'ｓ               ＭａｓｔｅｒＣａｒｄ).                1974               ｔｏ               1992               -               Ｔｈｅ               Ｆｉｒｓｔ               Ｎａｔｉｏｎａｌ               Ｃｉｔｙ               Ｃｏｒｐｏｒａｔｉｏｎ               ｈｏｌｄｉｎｇ               ｃｏｍｐａｎｙ               ｃｈａｎｇｅｓ               ｉｔｓ               ｎａｍｅ               ｔｏ               Ｃｉｔｉｃｏｒｐ               ａｎｄ               ｉｎｔｒｏｄｕｃｅｓ               ｔｈｅ               ｆｌｏａｔｉｎｇ­-ｒａｔｅ               ｎｏｔｅ               ｉｎｔｏ               ｔｈｅ               Ｕ.Ｓ. ｆｉｎａｎｃｉａｌ               ｍａｒｋｅｔ. Ｆｉｒｓｔ               Ｎａｔｉｏｎａｌ               Ｃｉｔｙ               Ｂａｎｋ               ｂｅｃｏｍｅｓ               Ｃｉｔｉｂａｎｋ,               Ｎ.Ａ. (ｆｏｒ               Ｎａｔｉｏｎａｌ               Ａｓｓｏｃｉａｔｉｏｎ)               ａｎｄ               ｂｙ               1992               ｂｅｃｏｍｅｓ               ｔｈｅ               ｌａｒｇｅｓｔ               ｂａｎｋ               ｉｎ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ.                1993               ｔｏ               1998               -               Ｃｉｔｉｂａｎｋ               ｂｅｃｏｍｅｓ               ｔｈｅ               ｌａｒｇｅｓｔ               ｃｒｅｄｉｔ               ｃａｒｄ               ａｎｄ               ｃｈａｒｇｅ               ｃａｒｄ               ｉｓｓｕｅｒ               ａｎｄ               ｓｅｒｖｉｃｅｒ               ｉｎ               ｔｈｅ               ｗｏｒｌｄ               ａｎｄ               ｂｙ               1998               ｍｅｒｇｅｓ               ｔｈｅ               ｓａｖｉｎｇｓ               ｂａｎｋｓ               ａｃｑｕｉｒｅｄ               ｉｎ               ｔｈｅ               1980ｓ               ａｎｄ               ａｌｌ               Ｃｉｔｉｃｏｒｐ               ａｎｄ               Ｔｒａｖｅｌｅｒｓ               Ｇｒｏｕｐ               ｄｉｖｉｓｉｏｎｓ               ｉｎｔｏ               Ｃｉｔｉｇｒｏｕｐ,               Ｉｎｃ. Ｃｈａｒｌｅｓ               Ｏ. Ｐｒｉｎｃｅ               ＩＩＩ               (ｌａｗｙｅｒ)               ｉｓ               ｎａｍｅｄ               Ｃｈｉｅｆ               Ａｄｍｉｎｉｓｔｒａｔｉｖｅ               Ｏｆｆｉｃｅｒ.                Ｔｈｅ               ｆｏｌｌｏｗｉｎｇ               ａｒｅ               ｅｘｃｅｒｐｔｓ               ｆｒｏｍ               ｔｈｅ               Ａｐｒｉｌ               7,               1998               ｔｒａｎｓｃｒｉｐｔ               ｏｆ               "Ｔｈｅ               ＮｅｗｓＨｏｕｒ               ｗｉｔｈ               Ｊｉｍ               Ｌｅｈｒｅｒ"               ｔｏｕｔｉｎｇ               ｔｈｅ               "Ｌａｒｇｅｓｔ               Ｍｅｒｇｅｒ               ｉｎ               Ｈｉｓｔｏｒｙ."                Ｉｎ               ｔｈｅ               ｌａｒｇｅｓｔ               ｐｒｏｐｏｓｅｄ               ｃｏｒｐｏｒａｔｅ               ｍｅｒｇｅｒ               ｉｎ               ｈｉｓｔｏｒｙ,               ｔｈｅ               ｂａｎｋｉｎｇ               ｇｉａｎｔ               Ｃｉｔｉｃｏｒｐ               ａｎｄ               ｉｎｓｕｒａｎｃｅ               ｔｉｔａｎ               Ｔｒａｖｅｌｅｒｓ               ｗｉｌｌ               ｊｏｉｎ               ｆｏｒｃｅｓ. Ｔｈｅ               ｎｅｗ               ｃｏｍｐａｎｙ,               ｔｏ               ｂｅ               ｃａｌｌｅｄ               Ｃｉｔｉｇｒｏｕｐ,               ｗｏｕｌｄ               ｂｅ               ｔｈｅ               ｌａｒｇｅｓｔ               ｆｉｎａｎｃｉａｌ               ｓｅｒｖｉｃｅｓ               ｃｏｍｐａｎｙ               ｉｎ               ｔｈｅ               ｗｏｒｌｄ. Ｔｗｏ               ｆｉｎａｎｃｉａｌ               ａｎａｌｙｓｔｓ               ｄｉｓｃｕｓｓ               ｔｈｅ               ｐｒｏｐｏｓｅｄ               ｄｅａｌ               ｗｉｔｈ               Ｐｈｉｌ               Ｐｏｎｃｅ.                Ｐｈｉｌ               Ｐｏｎｃｅ               ｉｓ               ｎａｔｉｏｎａｌ               ｃｏｒｒｅｓｐｏｎｄｅｎｔ               ｆｏｒ               ｔｈｅ               ＮｅｗｓＨｏｕｒ               ｗｉｔｈ               Ｊｉｍ               Ｌｅｈｒｅｒ. Ｐｒｉｏｒ               ｔｏ               ｈｉｓ               ａｒｒｉｖａｌ               ａｔ               Ｔｈｅ               ＮｅｗｓＨｏｕｒ,               Ｐｏｎｃｅ               ｓｐｅｎｔ               ｆｉｖｅ               ｙｅａｒｓ               ａｔ               Ｃｈｉｃａｇｏ               ＰＢＳ               ｓｔａｔｉｏｎ               ＷＴＴＷ,               ｗｈｅｒｅ               ｈｅ               ｗａｓ               ａ               ｃｏｒｒｅｓｐｏｎｄｅｎｔ               ｆｏｒ               Ｃｈｉｃａｇｏ               Ｔｏｎｉｇｈｔ,               ａ               30-ｍｉｎｕｔｅ               ｎｉｇｈｔｌｙ               ｎｅｗｓ               ａｎａｌｙｓｉｓ               ｐｒｏｇｒａｍ.                ＰＨＩＬ               ＰＯＮＣＥ:               "Ｃｉｔｉｃｏｒｐｓ               ｉｓ               ｔｈｅ               ｓｅｃｏｎｄ               ｌａｒｇｅｓｔ               ｃｏｍｍｅｒｃｉａｌ               ｂａｎｋ               ｉｎ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               ａｎｄ               ｔｈｅ               ｗｏｒｌｄ'ｓ               ｌｅａｄｉｎｇ               ｄｉｓｔｒｉｂｕｔｏｒ               ｏｆ               ｃｒｅｄｉｔ               ｃａｒｄｓ,               ｉｓｓｕｉｎｇ               ｓｏｍｅ               60               ｍｉｌｌｉｏｎ               ｂａｎｋ               ｃａｒｄｓ. Ｔｒａｖｅｌｅｒｓ               Ｇｒｏｕｐ               ｉｓ               ａ               ｆｉｎａｎｃｉａｌ               ｃｏｎｇｌｏｍｅｒａｔｅ               ｔｈａｔ               ｏｆｆｅｒｓ               ｉｎｓｕｒａｎｃｅ               ａｎｄ               ｉｎｖｅｓｔｍｅｎｔ               ｂａｎｋｉｎｇ               ｓｅｒｖｉｃｅｓ. Ｉｔ               ｂｅｃａｍｅ               ｔｈｅ               ｎａｔｉｏｎ'ｓ               ｔｈｉｒｄ-ｌａｒｇｅｓｔ               ｂｒｏｋｅｒａｇｅ               ｆｉｒｍ               ｗｈｅｎ               ｉｔ               ｂｏｕｇｈｔ               ｏｕｔ               ｔｈｅ               Ｎｅｗ               Ｙｏｒｋ               ｉｎｖｅｓｔｍｅｎｔ               ｆｉｒｍ               Ｓａｌｏｍｏｎ               Ｂｒｏｔｈｅｒｓ               ｌａｓｔ               ｙｅａｒ. Ｔｈｅ               ｍｅｒｇｅｒ               ｃｏｍｅｓ               ａｓ               Ｃｏｎｇｒｅｓｓ               ｏｎｃｅ               ａｇａｉｎ               ｃｏｎｓｉｄｅｒｓ               ｃｈａｎｇｅｓ               ｔｏ               ｂａｎｋｉｎｇ               ｌａｗ. Ｔｈｅ               1993               Ｇｌａｓｓ-Ｓｔｅａｇａｌｌ               Ａｃｔ               ｐｒｅｖｅｎｔｅｄ               ｂａｎｋｓ,               ｉｎｓｕｒａｎｃｅ               ｃｏｍｐａｎｉｅｓ,               ａｎｄ               ｂｒｏｋｅｒａｇｅ               ｆｉｒｍｓ               ｆｒｏｍ               ｊｏｉｎｉｎｇ               ｆｏｒｃｅｓ. Ｔｒａｖｅｌｅｒｓ               ｈｅａｄ               Ｗｅｉｌｌ               ｓａｉｄ               ｙｅｓｔｅｒｄａｙ               ｈｅ               ｈｏｐｅｓ               ｔｈｅ               ｐｒｏｐｏｓｅｄ               ｍｅｒｇｅｒ               ｗｉｌｌ               ｐｕｓｈ               Ｃｏｎｇｒｅｓｓ               ｔｏ               ｒｅｍｏｖｅ               ｔｈｏｓｅ               ｂａｒｒｉｅｒｓ."                ＳＡＮＦＯＲＤ               ＷＥＩＬＬ:               "Ｍａｙｂｅ               ｗｈａｔ               ｗｅ'ｒｅ               ｄｏｉｎｇ               ｗｉｌｌ               ｃａｕｓｅ               ｔｈａｔ               ｌｅｇｉｓｌａｔｉｏｎ               ｔｏ               ｃｈａｎｇｅ,               ｂｅｃａｕｓｅ               Ｉ               ｔｈｉｎｋ               ｔｈａｔ               ｉｆ               ｙｏｕ               ｌｏｏｋ               ｔｏ               Ｅｕｒｏｐｅ,               ｏｒ               ｙｏｕ               ｌｏｏｋ               ｔｏ               Ａｓｉａ,               ｏｒｇａｎｉｚａｔｉｏｎｓ               ｌｉｋｅ               ｏｕｒｓ               ａｌｒｅａｄｙ               ｅｘｉｓｔ,               ｗｈｅｒｅ               ｂａｎｋｓ               ａｎｄ               ｉｎｓｕｒａｎｃｅ               ｃｏｍｐａｎｉｅｓ               ａｎｄ               ｉｎｖｅｓｔｍｅｎｔ               ｃｏｍｐａｎｉｅｓ               ａｒｅ               ａｌｌ               ｐａｒｔ               ｏｆ               ｗｈａｔ               ｔｈｅｙ               ｃａｌｌ               ｕｎｉｖｅｒｓａｌ               ｂａｎｋｓ. Ａｎｄ               ｗｈａｔ               ｗｅ               ａｒｅ               ｄｏｉｎｇ               ｈｅｒｅ               ｉｓ               ｃｒｅａｔｉｎｇ               ａ               ｃｏｍｐａｎｙ               ｈｅａｄｑｕａｒｔｅｒｅｄ               ｉｎ               ｔｈｅ               Ｕ.Ｓ. ｔｈａｔ               ｗｉｌｌ               ｂｅ               ａｂｌｅ               ｔｏ               ｃｏｍｐｅｔｅ               ｖｅｒｙ               ｅｆｆｅｃｔｉｖｅｌｙ               ａｌｌ               ｏｖｅｒ               ｔｈｅ               ｗｏｒｌｄ."                ＰＨＩＬ               ＰＯＮＣＥ:               "Ｊｏｉｎｉｎｇ               ｕｓ               ｎｏｗ               ａｒｅ               Ｍａｒｃｕｓ               Ａｌｅｘｉｓ,               ｗｈｏ               ｔｅａｃｈｅｓ               ｅｃｏｎｏｍｉｃｓ               ａｎｄ               ｍａｎａｇｅｍｅｎｔ               ａｔ               Ｎｏｒｔｈｗｅｓｔｅｒｎ               Ｕｎｉｖｅｒｓｉｔｙ. Ｈｅ'ｓ               ａ               ｆｏｒｍｅｒ               ｃｈａｉｒｍａｎ               ｏｆ               ｔｈｅ               ｂｏａｒｄ               ｏｆ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂａｎｋ               ｏｆ               Ｃｈｉｃａｇｏ. Ａｎｄ               Ｒｏｄｇｉｎ               Ｃｏｈｅｎ,               ａ               ｐａｒｔｎｅｒ               ｗｉｔｈ               Ｓｕｌｌｉｖａｎ               ａｎｄ               Ｃｒｏｍｗｅｌｌ,               ａ               Ｎｅｗ               Ｙｏｒｋ               ｌａｗ               ｆｉｒｍ. Ｈｅ'ｓ               ａｄｖｉｓｅｄ               ｓｅｖｅｒａｌ               ｍａｊｏｒ               ｍｅｒｇｅｒｓ               ｏｆ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ. Ｇｅｎｔｌｅｍｅｎ,               ｗｅｌｃｏｍｅ               ｂｏｔｈ."                Ｔｈｅ               Ｒａｔｉｏｎａｌｅ               Ｆｏｒ               Ｔｈｅ               Ｍｅｒｇｅｒ.                ＲＯＤＧＩＮ               ＣＯＨＥＮ:               "Ｉ               ｔｈｉｎｋ               ｔｈｅｒｅ               ａｒｅ               ａ               ｎｕｍｂｅｒ               ｏｆ               ｄｒｉｖｅｒｓ               ｗｈｉｃｈ               ｌｅａｄ               ｔｏ               ｍｅｒｇｅｒｓ               ｓｕｃｈ               ａｓ               ｔｈｉｓ. Ｏｎｅ               ｉｓ               ｔｈｅ               ｄｅｍａｎｄｓ               ｏｆ               ｔｅｃｈｎｏｌｏｇｙ,               ｗｈｉｃｈ               ａｒｅ               ｅｖｅｒ               ｉｎｃｒｅａｓｉｎｇ. Ａ               ｓｅｃｏｎｄ               ｉｓ               ｃｏｍｐｅｔｉｔｉｖｅ               ｐｒｅｓｓｕｒｅｓ               ｄｏｍｅｓｔｉｃａｌｌｙ. Ａ               ｔｈｉｒｄ               ｉｓ               ｇｌｏｂａｌｉｚａｔｉｏｎ               ｏｆ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｍａｒｋｅｔｓ. Ａ               ｆｏｕｒｔｈ               ｉｓ               ｗｈａｔ               ｙｏｕ               ｍｉｇｈｔ               ｃａｌｌ               ｔｈｅ               ｈｏｍｏｇｅｎｉｚａｔｉｏｎ               ｏｆ               ｆｉｎａｎｃｉａｌ               ｐｒｏｄｕｃｔｓ,               ｗｉｔｈ               ｐｒｏｄｕｃｔｓ               ｂｅｉｎｇ               ｓｉｍｉｌａｒ               ａｔ               ｖａｒｉｏｕｓ               ｓｅｇｍｅｎｔｓ               ｏｆ               ｔｈｅ               ｍａｒｋｅｔｓ. Ａｎｄ               ｔｈｅｎ               ｆｉｎａｌｌｙ               ｙｏｕ               ｈａｖｅ               ｔｈｅ               ｄｅｍａｎｄｓ               ｏｆ               ｃｕｓｔｏｍｅｒｓ,               ｂｏｔｈ               ｒｅｔａｉｌ               ｃｕｓｔｏｍｅｒｓ               ａｎｄ               ｃｏｍｍｅｒｃｉａｌ               ｃｕｓｔｏｍｅｒｓ,               ｗｈｏ               ｗａｎｔ               ｔｏ               ｏｂｔａｉｎ               ａ               ｆｕｌｌ               ｒａｎｇｅ               ｏｆ               ｆｉｎａｎｃｉａｌ               ｓｅｒｖｉｃｅｓ               ｆｒｏｍ               ａ               ｓｉｎｇｌｅ               ｉｎｓｔｉｔｕｔｉｏｎ."                ＰＨＩＬ               ＰＯＮＣＥ:               "Ｍｒ. Ａｌｅｘｉｓ,               ｗｈａｔ               ｄｏ               ｙｏｕ               ｔｈｉｎｋ               ｉｓ               ｉｎ               ｉｔ               ｆｏｒ               ｔｈｅ               ｒｅｓｐｅｃｔｉｖｅ               ｐａｒｔｉｅｓ? Ｗｈｙ               ａｒｅ               ｔｈｅｙ               "ｇｅｔｔｉｎｇ               ｍａｒｒｉｅｄ"               ｌｉｋｅ               ｔｈｉｓ?"                ＭＡＲＣＵＳ               ＡＬＥＸＩＳ:               "Ｗｅｌｌ,               ａｓ               Ｍｒ. Ｃｏｈｅｎ               ｓａｉｄ,               ｔｈｅｙ               ｈａｖｅ               ｃｏｍｐｅｔｉｔｉｖｅ               ｉｓｓｕｅｓ. Ｔｈｅｒｅ               ａｒｅ               ｃｅｒｔａｉｎ               ｓｙｎｅｒｇｉｅｓ. Ｎｏｔ               ｏｎｌｙ               ｄｏ               ｃｕｓｔｏｍｅｒｓ               ｌｉｋｅ               ｔｏ               ｇｅｔ               ａ               ｆｕｌｌ               ｒａｎｇｅ               ｏｆ               ｓｅｒｖｉｃｅｓ               ｆｒｏｍ               ａ               ｓｉｎｇｌｅ               ｖｅｎｄｏｒ               ｂｕｔ               ａｌｓｏ               ｔｈｅｒｅ               ａｒｅ               ｃｅｒｔａｉｎ               ｅｃｏｎｏｍｉｅｓ               ｉｎ               ｃｒｏｓｓ               ｓｅｌｌｉｎｇ               ｂｙ               ｔｈｅｍ. Ａｍｅｒｉｃａｎ               ｂａｎｋｓ               ｈａｖｅ               ｎｏｔ               ｂｅｅｎ               ａｂｌｅ               ｔｏ               ｍａｉｎｔａｉｎ               ａ               ｄｏｍｉｎａｎｔ               ｒｏｌｅ               ｉｎ               ｆｉｎａｎｃｉａｌ               ｍａｒｋｅｔｓ               ｂｅｃａｕｓｅ               ｏｆ               ｔｈｅ               ｒｅｓｔｒｉｃｔｉｏｎｓ               ｉｍｐｏｓｅｄ               ｕｐｏｎ               ｔｈｅｍ               ｂｙ               Ｇｌａｓｓ-Ｓｔｅａｇａｌｌ,               ａｎｄ               ｏｕｒ               ｈｏｌｄｉｎｇ               ｂａｎｋ               ｌｅｇｉｓｌａｔｉｏｎ. Ｔｈｉｓ               ｇｉｖｅｓ               ｏｕｒ               ｂａｎｋｓ               ａ               ｃｈａｎｃｅ               ｔｏ               ｐｌａｙ               ｏｎ               ａ               ｌｅｖｅｌ               ｆｉｅｌｄ               ｗｉｔｈ               ｂａｎｋｓ               ｉｎ               Ｅｕｒｏｐｅ               ａｎｄ               ｉｎ               Ａｓｉａ."                Ｗｉｌｌ               Ｔｈｉｓ               Ｍｅｒｇｅｒ               Ｃｈａｎｇｅ               Ｔｈｅ               Ｆａｃｅ               Ｏｆ               Ｂａｎｋｉｎｇ?                ＰＨＩＬ               ＰＯＮＣＥ:               "Ｈｏｗ               ａｂｏｕｔ               ｔｈａｔ,               Ｍｒ. Ａｌｅｘｉｓ,               ｈａｓ               ｔｈｅ               ｂａｎｋｉｎｇ               ｉｎｄｕｓｔｒｙ               ｓｏｒｔ               ｏｆ               ｏｕｔｇｒｏｗｎ,               ｏｕｔ-ｅｖｏｌｖｅｄ               ｔｈｅ               ｌｅｇｉｓｌａｔｉｏｎ               ｔｈａｔ               ｃｏｎｔｒｏｌｓ               ｉｔ?"                ＭＡＲＣＵＳ               ＡＬＥＸＩＳ:               "Ｗｅｌｌ,               Ｉ               ｔｈｉｎｋ               ｙｏｕ'ｖｅ               ａｓｋｅｄ               ｔｈｅ               ｒｉｇｈｔ               ｑｕｅｓｔｉｏｎ. Ｈａｓ               ｉｔ               ｏｕｔｇｒｏｗｎ               ｏｒ               ｏｕｔ-ｅｖｏｌｖｅｄ? Ｉｔ               ｗａｓｎ'ｔ               ｎｅｃｅｓｓａｒｉｌｙ               ａ               ｍｉｓｔａｋｅ               ｔｏ               ｓｅｔ               ｕｐ               ｔｈｅ               ｋｉｎｄ               ｏｆ               ｒｅｇｉｍｅ               ｔｈａｔ               ｗａｓ               ｄｏｎｅ               ｉｎ               ｔｈｅ               1930'ｓ. Ｗｅ               ｄｉｄｎ'ｔ               ｋｎｏｗ               ａ               ｌｏｔ. Ｔｈｅ               ｃｏｕｎｔｒｙ               ｗａｓ               ｉｎ               ｃｒｉｓｉｓ. Ｔｈｅｒｅ               ｗａｓ               ａ               ｎｅｅｄ               ｔｏ               ｄｏ               ｓｏｍｅｔｈｉｎｇ               ｑｕｉｃｋｌｙ               ａｎｄ               ｔｏ               ｄｏ               ｓｏｍｅｔｈｉｎｇ               ｄｒａｍａｔｉｃａｌｌｙ. Ａｎｄ               ｓｏ               ａ               ｓｅｒｉｅｓ               ｏｆ               ｂａｎｋｉｎｇ               ｌａｗｓ               ｗｅｒｅ               ｐａｓｓｅｄ               ｗｉｔｈ               ｔｈｅ               ａｔｔｅｍｐｔ               ｏｆ               ｔｒｙｉｎｇ               ｔｏ               ｇｉｖｅ               ｔｈｅ               ｐｕｂｌｉｃ               ｃｏｎｆｉｄｅｎｃｅ               ｉｎ               ｂａｎｋｉｎｇ. Ｎｏｗ,               ｔｈｉｓ               ｒｅｇｉｍｅ               ｗｏｒｋｅｄ               ｆａｉｒｌｙ               ｗｅｌｌ               ｕｎｔｉｌ               ｔｈｅ               ｌａｔｅ               1960'ｓ,               ａｎｄ               ｔｈｅｎ               ｉｔ               ｒａｎ               ｉｎｔｏ               ｄｉｆｆｉｃｕｌｔｙ               ａｓ               ｉｎｔｅｒｅｓｔ               ｒａｔｅｓ               ｇｏｔ               ｉｎｔｏ               ｔｈｅ               ｄｏｕｂｌｅ               ｄｉｇｉｔｓ,               ｔｈｅｎ               ｔｈｅ               ｓｙｓｔｅｍ               ｔｈａｔ               ｈａｄ               ｂｅｅｎ               ｐｌａｎｎｅｄ               ｄｉｄｎ'ｔ               ｗｏｒｋ. Ａｎｄ,               ａｆｔｅｒ               ｔｈａｔ,               ｔｈｅ               ｂａｎｋｓ               ｓａｗ               ｔｈａｔ               ｔｈｅｉｒ               ｂｅｓｔ               ｍａｒｋｅｔｓ               ｗｅｒｅ               ｂｅｇｉｎｎｉｎｇ               ｔｏ               ｂｅ               ｅｒｏｄｅｄ               ｂｙ               ｂａｎｋ--ｂｙ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｗｈｉｃｈ               ｗｅｒｅ               ｎｏｔ               ｂａｎｋｓ               ｉｎ               ｔｈｅ               ｒｅｇｕｌａｔｏｒｙ               ｓｅｎｓｅ               ｂｕｔ               ｐｅｒｆｏｒｍｅｄ               ｍａｎｙ               ｏｆ               ｔｈｅ               ｆｕｎｃｔｉｏｎｓ               ｏｆ               ｂａｎｋｓ               ａｎｄ               ｄｉｄ               ｓｏ               ｉｎ               ｗａｙｓ               ｔｈａｔ               ｍａｄｅ               ｔｈｅｍ               ｍｏｒｅ               ａｔｔｒａｃｔｉｖｅ               ｔｏ               ｂａｎｋ               ｃｕｓｔｏｍｅｒｓ. Ａｎｄ               ｙｏｕ               ｈａｄ               ｍｏｎｅｙ               ｍａｒｋｅｔ               ｍｕｔｕａｌ               ｆｕｎｄｓ               ｔｈａｔ               ｃａｍｅ               ａｌｏｎｇ               ａｎｄ               ｔｏｏｋ               ｓｏｍｅ               ｏｆ               ｔｈｅｉｒ               ｂｅｓｔ               ｄｅｐｏｓｉｔｏｒｓ               ａｎｄ               ｌｉｔｔｌｅ               ｂｙ               ｌｉｔｔｌｅ               ｔｈｅ               ｂａｎｋｓ               ｆｏｕｎｄ               ｔｈａｔ               ｔｈｅｙ               ｗｅｒｅ               ｂｅｉｎｇ               ｎｉｂｂｌｅｄ               ａｔ,               ａｎｄ               ｈｕｍｂｌｅｄ."                ＸＸＸ                Ｃｈａｎｇｅｓ               ｉｎ               Ｂａｎｋｉｎｇ               Ｌｅｇｉｓｌａｔｉｏｎ                Ｆｉｎａｎｃｉａｌ               Ｓｅｒｖｉｃｅｓ               Ａｃｔ               ｏｆ               1999                Ｔｈｅ               ｉｎｔｅｎｔ               ｏｆ               ｔｈｉｓ               ｌｅｇｉｓｌａｔｉｏｎ               ｗａｓ               ｔｏ               "ｍｏｄｅｒｎｉｚｅ"               ｂａｎｋｉｎｇ               ｌａｗｓ. Ｔｈｅ               ｐｒｏｐｏｓｅｄ               Ｆｉｎａｎｃｉａｌ               Ｓｅｒｖｉｃｅｓ               Ａｃｔ               ｏｆ               1999               ｗｏｕｌｄ:                ａ)               Ｐｅｒｍｉｔ               ａｆｆｉｌｉａｔｉｏｎｓ               ｏｆ               ｂａｎｋｉｎｇ,               ｓｅｃｕｒｉｔｉｅｓ,               ａｎｄ               ｉｎｓｕｒａｎｃｅ               ｃｏｍｐａｎｉｅｓ.                ｂ)               Ａｍｅｎｄ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｄｅｐｏｓｉｔ               Ｉｎｓｕｒａｎｃｅ               Ａｃｔ               ｐｒｅｖｅｎｔｉｎｇ               ｔｈｅ               ｕｓｅ               ｏｆ               ｄｅｐｏｓｉｔ               ｉｎｓｕｒａｎｃｅ               ｆｕｎｄｓ               ｔｏ               ａｓｓｉｓｔ               ａｆｆｉｌｉａｔｅｓ               ｏｒ               ｓｕｂｓｉｄｉａｒｉｅｓ               ｏｆ               ｉｎｓｕｒｅｄ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ.                ｃ)               Ｒｅｑｕｉｒｅ               ｃｌｅａｒ               ｄｉｓｃｌｏｓｕｒｅ               ｏｆ               ｆｅｅｓ               ｆｏｒ               ｐｒｉｖａｃｙ               ｐｏｌｉｃｉｅｓ               ａｎｄ               ｏｎ               ｔｒａｎｓａｃｔｉｏｎ               ｆｅｅｓ               ｆｏｒ               ｕｓｅ               ｏｆ               ＡＴＭｓ.                ｄ)               Ｒｅｆｏｒｍ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｈｏｍｅ               Ｌｏａｎ               Ｂａｎｋ               Ｓｙｓｔｅｍ               ｉｎｔｏ               ｍａｋｉｎｇ               ｍｅｍｂｅｒｓｈｉｐ               ｖｏｌｕｎｔａｒｙ               ａｎｄ               ｒｅｐｌａｃｅｓ               ｔｈｅ               ａｎｎｕａｌ               ｐａｙｍｅｎｔ               ｍａｄｅ               ｂｙ               ｔｈｏｓｅ               ｂａｎｋｓ               ｆｏｒ               ｉｎｔｅｒｅｓｔ               ｏｎ               ｂｏｎｄｓ               ｉｓｓｕｅｄ               ｂｙ               ｔｈｅ               Ｒｅｓｏｌｕｔｉｏｎ               Ｆｕｎｄｉｎｇ               Ｃｏｒｐｏｒａｔｉｏｎ               ｗｉｔｈ               ａｎ               ｐｅｒｃｅｎｔａｇｅ               ａｓｓｅｓｓｍｅｎｔ               ｏｆ               ｔｈｅ               ｂａｎｋ'ｓ               ｎｅｔ               ｉｎｃｏｍｅ.                ｅ)               Ｅｌｉｍｉｎａｔｅ               ｔｈｅ               ｒｅｑｕｉｒｅｍｅｎｔ               ｔｈａｔ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｄｅｐｏｓｉｔ               Ｉｎｓｕｒａｎｃｅ               Ｃｏｒｐｏｒａｔｉｏｎ               (ＦＤＩＣ)               ｒｅｔａｉｎ               ａ               "ｓｐｅｃｉａｌ               ｒｅｓｅｒｖｅ"               ｆｏｒ               ｔｈｅ               Ｓａｖｉｎｇｓ               Ａｓｓｏｃｉａｔｉｏｎ               Ｉｎｓｕｒａｎｃｅ               Ｆｕｎｄ.                ｆ)               Ｒｅｑｕｉｒｅ               Ｇｅｎｅｒａｌ               Ａｃｃｏｕｎｔｉｎｇ               Ｏｆｆｉｃｅ               ｔｏ               ｐｒｅｐａｒｅ               ｓｉｘ               ｒｅｐｏｒｔｓ               ｔｈａｔ               ａｒｅ               ａｖａｉｌａｂｌｅ               ｔｏ               ｔｈｅ               ｐｕｂｌｉｃ               ｕｎｌｅｓｓ               ｒｅｓｔｒｉｃｔｅｄ               ｏｒ               ｃｌａｓｓｉｆｉｅｄ.                ｇ)               Ｒｅｑｕｉｒｅ               ａｆｆｉｌｉａｔｅｓ               ｏｆ               ｂａｎｋ               ｈｏｌｄｉｎｇ               ｃｏｍｐａｎｉｅｓ               ａｎｄ               ｂａｎｋ               ｓｕｂｓｉｄｉａｒｉｅｓ               ｔｏ               ｏｂｔａｉｎ               ｔｈｅ               ａｐｐｒｏｖａｌ               ｏｆ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ａｎｄ               ｔｈｅ               Ｔｒｅａｓｕｒｙ               ｂｅｆｏｒｅ               ｅｎｇａｇｉｎｇ               ｉｎ               ａｎｙ               ｎｅｗ               ａｃｔｉｖｉｔｉｅｓ.                ｈ)               Ｉｎｓｔｉｔｕｔｉｏｎｓ               ｔｈａｔ               ｃｏｎｄｕｃｔ               ｂａｎｋｉｎｇ,               ｓｅｃｕｒｉｔｉｅｓ,               ｏｒ               ｉｎｓｕｒａｎｃｅ               ａｃｔｉｖｉｔｉｅｓ               ｗｏｕｌｄ               ｂｅ               ｒｅｇｕｌａｔｅｄ               ｂｙ               ｔｈｅ               ａｇｅｎｃｙ               ｒｅｓｐｏｎｓｉｂｌｅ               ｆｏｒ               ｅａｃｈ               ｓｕｃｈ               ａｃｔｉｖｉｔｙ               ａｎｄ               ｔｈｉｓ               ｌｅｇｉｓｌａｔｉｏｎ               ｗｏｕｌｄ               ａｌｓｏ               ｂａｒ               ｊｕｄｇｅｓ               ｆｒｏｍ               ｄｅｆｅｒｒｉｎｇ               ｔｏ               ｔｈｅ               ｅｘｐｅｒｔｉｓｅ               ｏｆ               ｔｈｅ               Ｏｆｆｉｃｅ               ｏｆ               ｔｈｅ               Ｃｏｍｐｔｒｏｌｌｅｒ               ｏｆ               ｔｈｅ               Ｃｕｒｒｅｎｃｙ.                ｉ)               Ｔｅｒｍｉｎａｔｅ               ｔｈｅ               ａｕｔｈｏｒｉｔｙ               ｏｆ               ｔｈｅ               Ｏｆｆｉｃｅ               ｏｆ               Ｔｈｒｉｆｔ               Ｓｕｐｅｒｖｉｓｉｏｎ               ｔｏ               ｇｒａｎｔ               ｎｅｗ               ｃｈａｒｔｅｒｓ               ｆｏｒ               ｕｎｉｔａｒｙ               ｓａｖｉｎｇｓ               ａｎｄ               ｌｏａｎ               ｈｏｌｄｉｎｇ               ｃｏｍｐａｎｉｅｓ               ｆｏｒ               ａｌｌ               ａｐｐｌｉｃａｔｉｏｎｓ               ｏｔｈｅｒ               ｔｈａｎ               ｔｈｏｓｅ               ａｐｐｒｏｖｅｄ               ｏｒ               ｐｅｎｄｉｎｇ               ａｓ               ｏｆ               Ｍａｒｃｈ               4,               1999.                ｊ)               Ｃｒｅａｔｅ               ａ               ｎｅｗ,               ｕｎｉｎｓｕｒｅｄ               ｃｈａｒｔｅｒ               ｆｏｒ               ｎａｔｉｏｎａｌ               ｏｒ               ｓｔａｔｅ               ｂａｎｋｓ               ｋｎｏｗｎ               ａｓ               "ｗｈｏｌｅｓａｌｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ."                ｋ)               Ｒｅｑｕｉｒｅ               ｆｅｄｅｒａｌ               ｂａｎｋｉｎｇ               ａｇｅｎｃｉｅｓ               ｔｏ               ｄｅｖｅｌｏｐ               ｒｅｇｕｌａｔｉｏｎｓ               ｇｏｖｅｒｎｉｎｇ               ｒｅｔａｉｌ               ｓａｌｅｓ               ｏｆ               ｉｎｓｕｒａｎｃｅ               ｐｒｏｄｕｃｔｓ               ａｎｄ               ｓｅｃｕｒｉｔｉｅｓ               ｂｙ               ｄｅｐｏｓｉｔｏｒｙ               ｉｎｓｔｉｔｕｔｉｏｎｓ.                Ｔｈｅ               Ｈｏｕｓｅ               ｄｉｄ               ａｐｐｒｏｖｅ               ｔｈｅ               Ｆｉｎａｎｃｉａｌ               Ｓｅｒｖｉｃｅｓ               Ａｃｔ               ｏｆ               1999               ｗｉｔｈ               ｔｈｅ               ｒｅｑｕｉｒｅｍｅｎｔ               ｔｈａｔ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ａｌｌｏｗ               ｃｕｓｔｏｍｅｒｓ               ｔｏ               ｏｐｔ               ｏｕｔ               ｏｆ               ｉｎｆｏｒｍａｔｉｏｎ-ｓｈａｒｉｎｇ               ａｃｔｉｖｉｔｉｅｓ               ａｎｄ               ｔｏｕｇｈｅｒ               ｐｅｎａｌｔｉｅｓ               ｃｏｕｌｄ               ｂｅ               ａｐｐｌｉｅｄ               ｔｏ               ｂａｎｋｓ               ｔｈａｔ               ｗｅｒｅ               ｏｕｔ               ｏｆ               ｃｏｍｐｌｉａｎｃｅ               ｗｉｔｈ               ｔｈｅ               ＣＲＡ.                Ｐｒｅｓｉｄｅｎｔ               Ｃｌｉｎｔｏｎ               (ｌａｗｙｅｒ)               ｓｉｇｎｅｄ               ｔｈｅ               ｌｅｇｉｓｌａｔｉｏｎ               ｉｎ               ｌａｔｅ               1999.                Ｒｅｖｉｓｉｏｎ               ｏｆ               ｔｈｅ               Ｃｏｍｍｕｎｉｔｙ               Ｒｅｉｎｖｅｓｔｍｅｎｔ               Ａｃｔ                Ｔｈｅ               ｎｅｘｔ               ｈｕｒｄｌｅ               ｆｏｒ               ｔｈｅ               ｂａｎｋｉｎｇ               ｉｎｄｕｓｔｒｙ               ｗａｓ               ｔｈｅ               ＣＲＡ               ａｎｄ               ｉｔ               ｗａｓ               ｕｐ               ｆｏｒ               ｒｅｖｉｅｗ               ａｎｄ               ｒｅｖｉｓｉｏｎ               ｂｅｇｉｎｎｉｎｇ               ｉｎ               2002. Ｔｈｅ               ｆｉｒｓｔ               ｓｔｅｐ               ｗａｓ               ａ               ｐｕｂｌｉｃ               ｃｏｍｍｅｎｔａｒｙ               ｐｅｒｉｏｄ. Ａｍｏｎｇ               ｔｈｅ               ｂａｎｋｉｎｇ               ｃｏｍｍｕｎｉｔｙ,               ｔｈｅｒｅ               ｗａｓ               ａ               ｃｏｎｓｅｎｓｕｓ               ｔｈａｔ               ｔｈｅ               ｃｏｌｌｅｃｔｉｏｎ               ｏｆ               ｄａｔａ,               ａｎｄ               ｔｈｅ               ｒｅｃｏｒｄｋｅｅｐｉｎｇ               ａｎｄ               ｒｅｐｏｒｔｉｎｇ               ｒｅｑｕｉｒｅｍｅｎｔｓ               ｗｅｒｅ               ａ               ｂｕｒｄｅｎ               ｏｎ               ｔｈｅ               ｓｍａｌｌｅｒ               ｃｏｍｍｕｎｉｔｙ               ｉｎｓｔｉｔｕｔｉｏｎｓ,               ｓｏ               ｃｈａｎｇｅｓ               ｉｎ               ｔｈｏｓｅ               ｒｅｑｕｉｒｅｍｅｎｔｓ               ｗｅｒｅ               ｒｅｑｕｅｓｔｅｄ               ｉｎ               ｏｒｄｅｒ               ｔｏ               ｒｅｄｕｃｅ               ｓｏｍｅ               ｏｆ               ｔｈｏｓｅ               ｒｅｑｕｉｒｅｍｅｎｔｓ.                Ｉｎ               ａｄｄｉｔｉｏｎ,               ｔｈｅｒｅ               ｗｅｒｅ               ｐｒｏｐｏｓｅｄ               ｃｈａｎｇｅｓ               ｔｈａｔ               ｒｅｍｏｖｅｄ               ｈｏｌｄｉｎｇ               ｃｏｍｐａｎｙ               ａｆｆｉｌｉａｔｉｏｎｓ               ａｓ               ａ               ｆａｃｔｏｒ               ｉｎ               ｄｅｔｅｒｍｉｎｉｎｇ               ｗｈｉｃｈ               ＣＲＡ               ｅｖａｌｕａｔｉｏｎ               ｓｔａｎｄａｒｄｓ               ｗｏｕｌｄ               ａｐｐｌｙ               ｔｏ               ａ               ｂａｎｋ. Ｔｈｅ               ａｓｓｅｔ               ｓｉｚｅ               ｏｆ               ｔｈｅ               ｈｏｌｄｉｎｇ               ｃｏｍｐａｎｙ               ｎｏ               ｌｏｎｇｅｒ               ｈａｄ               ａ               ｂｅａｒｉｎｇ               ｏｎ               ｗｈｉｃｈ               ｔｅｓｔ               ａｐｐｌｉｅｓ               ｔｏ               ａ               ｂａｎｋ.                Ａｎｏｔｈｅｒ               ｍａｊｏｒ               ｃｈａｎｇｅ               ｉｎ               ＣＲＡ               ｒｅｌａｔｅｓ               ｔｏ               ｈｏｗ               ｅｖｉｄｅｎｃｅ               ｏｆ               ｄｉｓｃｒｉｍｉｎａｔｉｏｎ               ｏｒ               ｏｔｈｅｒ               ｉｌｌｅｇａｌ               ｃｒｅｄｉｔ               ｐｒａｃｔｉｃｅｓ               ｗｏｕｌｄ               ａｆｆｅｃｔ               ａ               ｂａｎｋ'ｓ               ＣＲＡ               ｒａｔｉｎｇ. Ｂａｎｋｓ               ｗｏｕｌｄ               ｎｏｔ               ｏｎｌｙ               ｂｅ               ｒｅｓｐｏｎｓｉｂｌｅ               ｆｏｒ               ｔｈｅｉｒ               ｏｗｎ               ｃｏｍｐｌｉａｎｃｅ               ｂｕｔ               ｗｏｕｌｄ               ａｌｓｏ               ｂｅ               ａｓｓｅｓｓｅｄ               ｏｎ               ｔｈｅ               ｃｏｍｐｌｉａｎｃｅ               ｏｆ               ａｆｆｉｌｉａｔｅｓ               ｗｉｔｈｉｎ               ｔｈｅ               ａｓｓｅｓｓｍｅｎｔ               ａｒｅａ. Ｓｅｎｉｏｒ               ｍａｎａｇｅｍｅｎｔ               ａｎｄ               ｃｏｍｐｌｉａｎｃｅ               ｏｆｆｉｃｉａｌｓ               ａｔ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｗｏｕｌｄ               ｎｅｅｄ               ｔｏ               ｋｎｏｗ               ｔｈｅ               ｓｔａｔｕｓ               ｏｆ               ａｎ               ａｆｆｉｌｉａｔｅ'ｓ               ｒｅｃｏｒｄ               ｗｉｔｈ               ｒｅｇａｒｄ               ｔｏ               ｔｈｅ               ｌａｗｓ               ａｎｄ               ｒｅｇｕｌａｔｉｏｎｓ               ｂｅｆｏｒｅ               ｄｅｃｉｄｉｎｇ               ｔｏ               ｉｎｃｌｕｄｅ               ｉｔｓ               ＣＲＡ               ｌｏａｎ               ｄａｔａ               ａｓ               ａ               ｐａｒｔ               ｏｆ               ｔｈｅ               ｐｅｒｆｏｒｍａｎｃｅ               ｅｖａｌｕａｔｉｏｎ.                Ｒｅｖｉｓｉｏｎ               ｏｆ               ｔｈｅ               ＣＲＡ               ｗａｓ               ｐｕｂｌｉｓｈｅｄ               ｉｎ               Ａｕｇｕｓｔ               2005               ａｎｄ               ｂｅｃａｍｅ               ｅｆｆｅｃｔｉｖｅ               ｉｎ               Ｓｅｐｔｅｍｂｅｒ               2005.                Ｔｈｅ               Ｃｉｔｉｇｒｏｕｐ               Ｌｅｇａｃｙ                Ｃｉｔｉｇｒｏｕｐ,               ａｌｏｎｇ               ｗｉｔｈ               Ａｍｅｒｉｑｕｅｓｔ               ｈａｓ               ｌｏｎｇ               ｂｅｅｎ               ａｃｃｕｓｅｄ               ｏｆ               ｐｒｅｄａｔｏｒｙ               ｌｅｎｄｉｎｇ               ｐｒａｃｔｉｃｅｓ               ａｎｄ               ｏｎ               ａｔ               ｌｅａｓｔ               ｔｗｏ               ｏｃｃａｓｉｏｎｓ               Ｃｉｔｉｇｒｏｕｐ               ｈａｓ               ｐａｉｄ               ｔｈｅｉｒ               ｗａｙ               ｏｕｔ               ｏｆ               ｌａｗｓｕｉｔｓ               ｗｉｔｈ               Ｆｅｄｅｒａｌ               ａｇｅｎｃｉｅｓ,               ｏｎｅ               ｆｏｒ               $240               ｍｉｌｌｉｏｎ               ｗｉｔｈ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｔｒａｄｅ               Ｃｏｍｍｉｓｓｉｏｎ,               ａｎｄ               ｔｈｅ               ｏｔｈｅｒ               ｆｏｒ               $70               ｍｉｌｌｉｏｎ               ｉｎ               2004               ｗｉｔｈ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ. Ａｄｄｉｔｉｏｎａｌｌｙ,               ｏｎ               Ｊｕｌｙ               24,               2007               Ｃｉｔｉｇｒｏｕｐ               ｗａｓ               ｆｉｎｅｄ               $50               ｍｉｌｌｉｏｎ               ｂｙ               ｔｈｅ               Ｎｅｗ               Ｙｏｒｋ               Ｓｔｏｃｋ               Ｅｘｃｈａｎｇｅ'ｓ               ｒｅｇｕｌａｔｏｒｙ               ａｒｍ               ｆｏｒ               ｕｓｉｎｇ               ｄｅｃｅｐｔｉｖｅ               ｍａｒｋｅｔ-ｔｉｍｉｎｇ               ｐｒａｃｔｉｃｅｓ               ｏｎ               ｂｅｈａｌｆ               ｏｆ               ｈｅｄｇｅ               ｆｕｎｄｓ. Ｔｈｅ               ｍａｒｋｅｔ-ｔｉｍｉｎｇ               ｗａｓ               ｒｅｐｏｒｔｅｄｌｙ               ｗｉｄｅｓｐｒｅａｄ,               ｉｎｖｏｌｖｉｎｇ               ｍｏｒｅ               ｔｈａｎ               150               ｆｉｎａｎｃｉａｌ               ｃｏｎｓｕｌｔａｎｔｓ               ｉｎ               60               ｂｒａｎｃｈｅｓ               ｉｎ               ａｂｏｕｔ               250,000               ｍａｒｋｅｔｉｎｇ-ｔｉｍｉｎｇ               ｅｘｃｈａｎｇｅｓ               ｏｎ               ｂｅｈａｌｆ               ｏｆ               ｍｏｒｅ               ｔｈａｎ               1,100               ｃｕｓｔｏｍｅｒｓ...                Ｉｎｎｅｒ               Ｃｉｔｙ               Ｐｒｅｓｓ               ｉｓ               ｎｏｎ-ｐｒｏｆｉｔ               ｃｏｍｍｕｎｉｔｙ,               ｃｏｎｓｕｍｅｒｓ'               ａｎｄ               ｈｕｍａｎ               ｒｉｇｈｔｓ               ｏｒｇａｎｉｚａｔｉｏｎ               ｈｅａｄｑｕａｒｔｅｒｅｄ               ｉｎ               ｔｈｅ               Ｓｏｕｔｈ               Ｂｒｏｎｘ               ｏｆ               Ｎｅｗ               Ｙｏｒｋ               Ｃｉｔｙ,               ｅｎｇａｇｅｄ               ｉｎ               ｃｕｔｔｉｎｇ-ｅｄｇｅ               ａｄｖｏｃａｃｙ,               ｒｅｐｏｒｔｉｎｇ               ａｎｄ               ｏｒｇａｎｉｚｉｎｇ               ｉｎ               ｔｈｅ               ｆｉｅｌｄｓ               ｏｆ               ｃｏｍｍｕｎｉｔｙ               ｒｅｉｎｖｅｓｔｍｅｎｔ,               ｆａｉｒ               ａｃｃｅｓｓ               ｔｏ               ｃｒｅｄｉｔ,               ｉｎｓｕｒａｎｃｅ               ａｎｄ               ｔｅｌｅｃｏｍｍｕｎｉｃａｔｉｏｎｓ,               ｅｎｖｉｒｏｎｍｅｎｔａｌ               ｊｕｓｔｉｃｅ               ａｎｄ               ｇｏｖｅｒｎｍｅｎｔ               ａｎｄ               ｃｏｒｐｏｒａｔｅ               ｈｕｍａｎ               ｒｉｇｈｔｓ               ａｃｃｏｕｎｔａｂｉｌｉｔｙ. Ｔｈｅ               ｏｒｇａｎｉｚａｔｉｏｎ               ｃｌｏｓｅｌｙ               ｍｏｎｉｔｏｒｓ               ｔｈｅ               ａｃｔｉｏｎｓ               ｏｆ               Ｃｉｔｉｇｒｏｕｐ. Ｔｈｅ               ｆｏｌｌｏｗｉｎｇ               ｅｘｃｅｒｐｔｓ               ａｒｅ               ｆｒｏｍ               ａｎ               ａｒｔｉｃｌｅ               ｔｈａｔ               ｗａｓ               ｐｕｂｌｉｓｈｅｄ               ｂｙ               Ｉｎｎｅｒ               Ｃｉｔｙ               Ｐｒｅｓｓ               ｃｏｍｍｅｎｔｉｎｇ               ｏｎ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ｏｆ               Ａｍｅｒｉｑｕｅｓｔ               ｂｙ               Ｃｉｔｉｇｒｏｕｐ:                Ｗｉｔｈ               Ｓｕｂｐｒｉｍｅ               Ｈｏｔ               Ａｉｒ               ｉｎ               ＤＣ,               Ｃｏｌｄ-Ｂｌｏｏｄｅｄ               Ｃｉｔｉｇｒｏｕｐ               Ｂｕｙｓ               Ａｍｅｒｉｑｕｅｓｔ                Ｂｙｌｉｎｅ:               Ｍａｔｔｈｅｗ               Ｒ. Ｌｅｅ               ｏｆ               Ｉｎｎｅｒ               Ｃｉｔｙ               Ｐｒｅｓｓ                "Ａｓ               Ｐｒｅｓｉｄｅｎｔ               Ｇｅｏｒｇｅ               Ｗ. Ｂｕｓｈ               ａｎｄ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｃｈａｉｒｍａｎ               Ｂｅｎ               Ｂｅｒｎａｎｋｅ               Ｆｒｉｄａｙ               ｗｒｕｎｇ               ｔｈｅｉｒ               ｈａｎｄｓ               ｉｎ               Ｗａｓｈｉｎｇｔｏｎ               ａｂｏｕｔ               ｔｈｅ               ｓｕｂ-ｐｒｉｍｅ               ｍｏｒｔｇａｇｅ               ｍｅｌｔｄｏｗｎ,               Ｎｅｗ               Ｙｏｒｋ-ｂａｓｅｄ               Ｃｉｔｉｇｒｏｕｐ               ａｎｎｏｕｎｃｅｄ               ｉｔ               ｗａｓ               ｂｕｙｉｎｇ               ａ               ｃｈｕｎｋ               ｏｆ               ａｄｍｉｔｔｅｄ               ｐｒｅｄａｔｏｒｙ               ｌｅｎｄｅｒ               Ａｍｅｒｉｑｕｅｓｔ. Ｃｉｔｉｇｒｏｕｐ               ｉｓ               ａ               ｍｅｔａ-ｐｒｅｄａｔｏｒ,               ｔａｋｉｎｇ               ａｄｖａｎｔａｇｅ               ｏｆ               ｔｈｅ               ｆｏｒｅｃｌｏｓｕｒｅ               ｂｏｏｍ               ｔｏ               ｓｃｏｏｐ               ｕｐ               ｏｎｅ               ｏｆ               ｔｈｅ               ｍｏｓｔ               ａｂｕｓｉｖｅ               ｌｅｎｄｅｒｓ               ａｔ               ａ               ｔｅｍｐｏｒａｒｉｌｙ               ｒｅｄｕｃｅｄ               ｐｒｉｃｅ. Ｔｈｅ               ｈｅａｄ               ｏｆ               Ｃｉｔｉｇｒｏｕｐ'ｓ               "ｇｌｏｂａｌ               ｓｅｃｕｒｉｔｉｚｅｄ               ｍａｒｋｅｔｓ"               ｕｎｉｔ,               Ｊｅｆｆｒｅｙ               Ｐｅｒｌｏｗｉｔｚ,               ｓａｉｄ               ｔｈｅ               ｔａｋｅｏｖｅｒ               "ａｌｌｏｗｓ               Ｃｉｔｉｇｒｏｕｐ               ｔｏ               ｓｅｃｕｒｅ               ｖａｌｕａｂｌｅ               ａｎｄ               ｓｃａｌａｂｌｅ               ｐｌａｔｆｏｒｍｓ               ｉｎ               ａ               ｍａｒｋｅｔ               ｕｎｄｅｒｇｏｉｎｇ               ｓｉｇｎｉｆｉｃａｎｔ               ｃｈａｎｇｅ."               Ｓｏｍｅ               ｔｈｏｕｇｈｔ               ｐｒｅｄａｔｏｒｙ               ｌｅｎｄｉｎｇ               ｗａｓ               ａ               ｍａｒｋｅｔ               ｂｅｉｎｇ               ｄｉｓｃｒｅｄｉｔｅｄ               ａｎｄ               ｓｈｒｉｎｋｉｎｇ. Ｔｏ               Ｃｉｔｉｇｒｏｕｐ,               ｉｔ'ｓ               ｊｕｓｔ               ｃｈａｎｇｅ               ｔｈａｔ               ｃａｎ               ｂｅ               ｓｃａｌｅｄ               ｕｐ."                "Ｔｈｅ               ｆｏｕｎｄｅｒ               ｏｆ               Ａｍｅｒｉｑｕｅｓｔ,               Ｒｏｌａｎｄ               Ａｒｎａｌｌ,               ｗｈｏ               ｈａｓ               ｍａｄｅ               ｂｉｌｌｉｏｎｓ               ｆｒｏｍ               ｐｒｅｄａｔｏｒｙ               ｌｅｎｄｉｎｇ,               ｗａｓ               ｎｏｍｉｎａｔｅｄ               ｂｙ               Ｐｒｅｓｉｄｅｎｔ               Ｂｕｓｈ               ａｓ               Ａｍｂａｓｓａｄｏｒ               ｔｏ               ｔｈｅ               Ｎｅｔｈｅｒｌａｎｄｓ. Ｗｈｉｌｅ               ａ               ｆｅｗ               Ｕ.Ｓ. Ｓｅｎａｔｏｒｓ               ｄｅｌａｙｅｄ               ｈｉｓ               ｃｏｎｆｉｒｍａｔｉｏｎ               ｕｎｔｉｌ               Ａｍｅｒｉｑｕｅｓｔ               ｆｉｎａｌｉｚｅｄ               ａ               ｓｅｔｔｌｅｍｅｎｔ               ｗｉｔｈ               ｓｔａｔｅ               ａｔｔｏｒｎｅｙｓ               ｇｅｎｅｒａｌ,               ｎｏｗ               Ａｒｎａｌｌ               ｗｉｌｌ               ｐｒｏｆｉｔ               ａｇａｉｎ,               ｓｅｌｌｉｎｇ               ｔｈｅ               ｒｅｍａｉｎｄｅｒ               ｏｆ               ｔｈｅ               ｃｏｍｐａｎｙ               ｔｏ               Ｃｉｔｉｇｒｏｕｐ. Ｔｈｅ               ｌｏｓｅｒｓ               ｉｎ               ｔｈｅ               ｄｅａｌ               ａｒｅ               ｔｈｅ               ｂｏｒｒｏｗｅｒｓ               ｆｒｏｍ               ｗｈｏｍ               Ｃｉｔｉｇｒｏｕｐ               ｗｉｌｌ               ｅｖｅｎ               ｍｏｒｅ               ｒｕｔｈｌｅｓｓｌｙ               ｓｑｕｅｅｚｅ               ｐａｙｍｅｎｔｓ               ｏｎ               ｌｏａｎｓ               ｔｈａｔ               ｗｅｒｅ               ｍｉｓｌｅａｄｉｎｇ               ａｎｄ               ａｂｕｓｉｖｅ               ｆｒｏｍ               ｔｈｅ               ｓｔａｒｔ,               ａｎｄ               ｆｕｔｕｒｅ               ｂｏｒｒｏｗｅｒｓ               ｗｈｏｍ               Ｃｉｔｉｇｒｏｕｐ               ｗｉｌｌ               ｔａｒｇｅｔ               ｗｉｔｈ               ｔｈｅ               ｅｘ-Ａｍｅｒｉｑｕｅｓｔ               "ｓｃａｌａｂｌｅ               ｐｌａｔｆｏｒｍ."                "2006               ｗａｓ               ｔｈｅ               ｔｈｉｒｄ               ｙｅａｒ               ｉｎ               ｗｈｉｃｈ               ｔｈｅ               ｄａｔａ               ｄｉｓｔｉｎｇｕｉｓｈｅｓ               ｗｈｉｃｈ               ｌｏａｎｓ               ａｒｅ               ｈｉｇｈｅｒ               ｃｏｓｔ,               ｏｖｅｒ               ｔｈｅ               ｆｅｄｅｒａｌｌｙ-ｄｅｆｉｎｅｄ               ｒａｔｅ               ｓｐｒｅａｄ               ｏｆ               ｔｈｒｅｅ               ｐｅｒｃｅｎｔ               ｏｖｅｒ               ｔｈｅ               ｙｉｅｌｄ               ｏｎ               Ｔｒｅａｓｕｒｙ               ｓｅｃｕｒｉｔｉｅｓ               ｏｆ               ｃｏｍｐａｒａｂｌｅ               ｄｕｒａｔｉｏｎ               ｏｎ               ｆｉｒｓｔ               ｌｉｅｎ               ｌｏａｎｓ,               ｆｉｖｅ               ｐｅｒｃｅｎｔ               ｏｎ               ｓｕｂｏｒｄｉｎａｔｅ               ｌｉｅｎｓ. Ｃｉｔｉｇｒｏｕｐ               ｉｎ               2006,               ｉｎ               ｉｔｓ               ｈｅａｄｑｕａｒｔｅｒｓ               Ｍｅｔｒｏｐｏｌｉｔａｎ               Ｓｔａｔｉｓｔｉｃａｌ               Ａｒｅａ               ｏｆ               Ｎｅｗ               Ｙｏｒｋ               Ｃｉｔｙ,               ｃｏｎｆｉｎｅｄ               Ａｆｒｉｃａｎ               Ａｍｅｒｉｃａｎｓ               ｔｏ               ｈｉｇｈｅｒ-ｃｏｓｔ               ｌｏａｎｓ               ａｂｏｖｅ               ｔｈｉｓ               ｒａｔｅ               ｓｐｒｅａｄ               4.41               ｔｉｍｅｓ               ｍｏｒｅ               ｆｒｅｑｕｅｎｔｌｙ               ｔｈａｎ               ｗｈｉｔｅｓ,               ａｃｃｏｒｄｉｎｇ               ｔｏ               Ｆａｉｒ               Ｆｉｎａｎｃｅ               Ｗａｔｃｈ. Ｃｉｔｉ'ｓ               ｄｉｓｐａｒｉｔｙ               ｔｏ               Ｌａｔｉｎｏｓ               ｗａｓ               2.38. Ｍｅａｎｗｈｉｌｅ               Ｃｉｔｉｇｒｏｕｐ               ｉｓ               ｎｏｗ               ｂｕｙｉｎｇ               ａ               ｕｎｉｔ               ｏｆ               Ａｍｅｒｉｑｕｅｓｔ,               91.65%               ｏｆ               ｗｈｏｓｅ               ｌｏａｎｓ               ｉｎ               2006               ｗｅｒｅ               ｓｕｂ-ｐｒｉｍｅ."                "Ｃｉｔｉｇｒｏｕｐ               ｌｏｖｅｓ               ｓｕｂ-ｐｒｉｍｅ,               ａｎｄ               ｈａｓ               ｎｏ               ｓｃｒｕｐｌｅｓ               ｉｎ               ｔｈｉｓ               ｆｉｅｌｄ. Ｉｔｓ               ｃｏｒｐｏｒａｔｅ               ＤＮＡ               ｇｏｅｓ               ｂａｃｋ               ｔｏ               ａ               Ｂａｌｔｉｍｏｒｅ-ｂａｓｅｄ               ｐｒｅｄａｔｏｒｙ               ｌｅｎｄｅｒ               ｃａｌｌｅｄ               Ｃｏｍｍｅｒｃｉａｌ               Ｃｒｅｄｉｔ,               ｗｈｉｃｈ               Ｓａｎｄｙ               Ｗｅｉｌｌ               ａｎｄ               Ｃｈａｒｌｅｓ               "Ｃｈｕｃｋ"               Ｐｒｉｎｃｅ               ｔｏｏｋ               ｏｖｅｒ               ｉｎ               ｔｈｅ               1980ｓ. Ａｆｔｅｒ               ｔｈｅｉｒ               ｃｏｍｐａｎｙ,               ｂｙ               ｔｈｅｎ               ｃａｌｌｅｄ               Ｔｒａｖｅｌｅｒｓ,               ａｃｑｕｉｒｅｄ               Ｃｉｔｉｃｏｒｐ               ｉｎ               1998,               ｔｈｅ               ｎｅｘｔ               ｂｉｇ               ｄｅａｌ               ｗａｓ               ｔｏ               ｓｃａｌｅ               ｕｐ               ｓｕｂ-ｐｒｉｍｅ               ｌｅｎｄｉｎｇ,               ｂｙ               ｔａｋｉｎｇ               ｏｖｅｒ               Ａｓｓｏｃｉａｔｅｓ               Ｆｉｒｓｔ               Ｃａｐｉｔａｌ               Ｃｏｒｐｏｒａｔｉｏｎ,               ｗｈｉｃｈ               ｗａｓ               ｂｅｉｎｇ               ｓｕｅｄ               ｆｏｒ               ｆｒａｕｄ               ａｌｌ               ｏｖｅｒ               ｔｈｅ               ｃｏｕｎｔｒｙ."                ＸＸＸ                Ｏｃｔｏｂｅｒ               29,               2007:               Ｃｉｔｉｇｒｏｕｐ               ｈａｓ               ｒｅｐｏｒｔｅｄ               $6.5               ｂｉｌｌｉｏｎ               ｉｎ               ｃｒｅｄｉｔ-ｒｅｌａｔｅｄ               ｌｏｓｓｅｓ,               ｗｒｉｔｅ               ｄｏｗｎｓ               ａｎｄ               ｅｘｔｒａ               ｃｏｓｔｓ,               ｏｎ               ｉｔｓ               $2.4               ｔｒｉｌｌｉｏｎ               ｉｎ               ａｓｓｅｔｓ... Ｍｅａｎｗｈｉｌｅ,               ｉｔ'ｓ               ｒｅｐｏｒｔｅｄ               ｔｈａｔ               Ｈｕｎｇａｒｙ'ｓ               Ｏｆｆｉｃｅ               ｏｆ               Ｅｃｏｎｏｍｉｃ               Ｃｏｍｐｅｔｉｔｉｏｎ               (ＧＶＨ)               ｈａｓ               ｆｉｎｅｄ               Ｃｉｔｉｇｒｏｕｐ               ＨＵＦ               $12               ｍｉｌｌｉｏｎ,               ｓａｙｉｎｇ               ｉｔ               ｍｉｓｌｅｄ               ｉｔｓ               ｃｕｓｔｏｍｅｒｓ               ｉｎ               ａｄｖｅｒｔｉｓｅｍｅｎｔｓ               ｒｅｇａｒｄｉｎｇ               ｔｈｅ               ｉｎｔｅｒｅｓｔ-ｆｒｅｅ               ｕｓａｇｅ               ｏｆ               ｃｒｅｄｉｔ               ｃａｒｄｓ. Ｃｉｔｉｇｒｏｕｐ               ｆａｉｌｅｄ               ｔｏ               ｎｏｔｅ               ｉｎ               ｉｔｓ               ａｄｓ               ｔｈａｔ               ｔｈｅ               ｉｎｔｅｒｅｓｔ-ｆｒｅｅ               ｕｓａｇｅ               ｗａｓ               ｏｎｌｙ               ｖａｌｉｄ               ｗｈｅｎ               ｔｈｅ               ｃａｒｄｓ               ｗｅｒｅ               ｕｓｅｄ               ｆｏｒ               ｐｕｒｃｈａｓｅｓ               ｂｕｔ               ｎｏｔ               ｆｏｒ               ｃａｓｈ               ｗｉｔｈｄｒａｗａｌｓ. Ｔｈｅ               ａｄｓ               ａｌｓｏ               ｆａｉｌｅｄ               ｔｏ               ｉｎｆｏｒｍ               ｃｕｓｔｏｍｅｒｓ               ｔｈａｔ               ｔｈｅ               ｅｎｔｉｒｅ               ｄｅｂｔ               ｈａｄ               ｔｏ               ｂｅ               ｐａｉｄ               ｂｙ               ｔｈｅ               ｇｉｖｅｎ               ｄｅａｄｌｉｎｅ               ｆｏｒ               ｉｎｔｅｒｅｓｔ-ｆｒｅｅ               ｕｓａｇｅ...                Ｃｈｕｃｋ               Ｐｒｉｎｃｅ               ｒｅｌｅａｓｅｄ               ｔｈｉｓ               ｓｔａｔｅｍｅｎｔ               ｉｎ               Ｎｏｖｅｍｂｅｒ               2007:"Ｇｉｖｅｎ               ｔｈｅ               ｓｉｚｅ               ｏｆ               ｔｈｅ               ｒｅｃｅｎｔ               ｌｏｓｓｅｓ               ｉｎ               ｏｕｒ               ｍｏｒｔｇａｇｅ-ｂａｃｋｅｄ               ｓｅｃｕｒｉｔｉｅｓ               ｂｕｓｉｎｅｓｓ,               ｔｈｅ               ｏｎｌｙ               ｈｏｎｏｒａｂｌｅ               ｃｏｕｒｓｅ               ｆｏｒ               ｍｅ               ｔｏ               ｔａｋｅ               ａｓ               ｃｈｉｅｆ               ｅｘｅｃｕｔｉｖｅ               ｏｆｆｉｃｅｒ               ｉｓ               ｔｏ               ｓｔｅｐ               ｄｏｗｎ."               Ｐｒｉｎｃｅ               ｗａｌｋｅｄ               ａｗａｙ               ｗｉｔｈ               ａｎ               ｅｓｔｉｍａｔｅｄ               $99               ｍｉｌｌｉｏｎ               ｉｎ               ｖｅｓｔｅｄ               ｓｔｏｃｋ               ｈｏｌｄｉｎｇｓ               ａｎｄ               ａ               ｐｅｎｓｉｏｎ,               ａｃｃｏｒｄｉｎｇ               ｔｏ               ａｎ               ａｎａｌｙｓｉｓ               ｂｙ               Ｎｅｗ               Ｙｏｒｋ-ｂａｓｅｄ               ｃｏｍｐｅｎｓａｔｉｏｎ               ｃｏｎｓｕｌｔａｎｔ               Ｊａｍｅｓ               Ｒｅｄａ. Ｐｒｉｎｃｅ               ｈａｄ               ａｌｒｅａｄｙ               ｐｏｃｋｅｔｅｄ               $53.1               ｍｉｌｌｉｏｎ               ｉｎ               ｓａｌａｒｙ               ａｎｄ               ｂｏｎｕｓｅｓ               ｏｖｅｒ               ｔｈｅ               ｌａｓｔ               ｆｏｕｒ               ｙｅａｒｓ,               Ｒｅｄａ               ｓａｉｄ.                Ｃｉｔｉｇｒｏｕｐ               Ｓｔｏｃｋ               ｐｒｉｃｅ               ｄｒｏｐｐｅｄ               47.11%               ｉｎ               2007                Ｔｈｅ               Ｌａｗｙｅｒ               Ｃｏｎｎｅｃｔｉｏｎ                Ｉｔ               ｉｓ               ｖｅｒｙ               ｄｉｆｆｉｃｕｌｔ               ｔｏ               ａｔｔａｉｎ               ｉｎｆｏｒｍａｔｉｏｎ               ａｂｏｕｔ               ｔｈｅ               ｆｉｎａｎｃｅｓ               ｏｆ               ａｔｔｏｒｎｅｙｓ. Ａｔｔｏｒｎｅｙｓ               ａｂｓｏｌｕｔｅｌｙ               ｄｏ               ｎｏｔ               ｗａｎｔ               ａｎｙｏｎｅ               ｔｏ               ｋｎｏｗ               ｗｈａｔ               ｔｈｅｙ               ｍｉｇｈｔ               ｂｅ               ｍａｋｉｎｇ               ｏｎ               ａ               ｌａｗｓｕｉｔ,               ｅｖｅｎ               ｉｆ               ｙｏｕ               ａｒｅ               ｔｈｅ               ｏｎｅ               ｐａｙｉｎｇ               ｔｈｅ               ｂｉｌｌ. Ｉｔ               ｉｓ               ｅｖｅｎ               ｍｏｒｅ               ｃｏｍｐｌｉｃａｔｅｄ               ｔｏ               ｏｂｔａｉｎ               ａｎ               ｉｔｅｍｉｚｅｄ               ｓｔａｔｅｍｅｎｔ               ｆｒｏｍ               ａｎ               ａｔｔｏｒｎｅｙ               ｒｅｑｕｉｒｉｎｇ               ｔｈａｔ               ｙｏｕ               ｐａｙ               ａｔｔｏｒｎｅｙ'ｓ               ｆｅｅｓ               ｄｕｒｉｎｇ               ｌｉｔｉｇａｔｉｏｎｓ               ｗｈｅｎ               ｙｏｕ               ａｒｅ               ｎｏｔ               ｈｉｓ               ｃｌｉｅｎｔ,               ａｍａｚｉｎｇｌｙ               ｔｈｅｙ               ｔｈｉｎｋ               ｔｈｉｓ               ｉｓ               ｎｏｎｅ               ｏｆ               ｙｏｕｒ               ｂｕｓｉｎｅｓｓ. Ｙｏｕ               ａｒｅ               ｊｕｓｔ               ｅｘｐｅｃｔｅｄ               ｔｏ               ｐａｙ               ｗｈａｔｅｖｅｒ               ｔｈｅ               ａｔｔｏｒｎｅｙ               ｒｅｐｏｒｔｓ               ｔｏ               ｔｈｅ               ｃｏｕｒｔ               ａｓ               "ａｔｔｏｒｎｅｙ'ｓ               ｆｅｅｓ"               ｗｉｔｈｏｕｔ               ｑｕｅｓｔｉｏｎｉｎｇ               ｈｏｗ               ｔｈｅｙ               ａｃｔｕａｌｌｙ               ｅａｒｎｅｄ               ｔｈｅ               ｍｏｎｅｙ.                Ｉｎ               ａｎ               ａｒｔｉｃｌｅ               ｗｒｉｔｔｅｎ               ｂｙ               Ｊｉｌｌ               Ｎａｗｒｏｃｋｉ               ａｎｄ               ｄａｔｅｄ               Ｓｅｐｔｅｍｂｅｒ               12,               2006               ｏｎ               ｔｈｅ               "Ｃｏｒｐｏｒａｔｅ               Ｃｏｕｎｓｅｌ"               ｗｅｂｓｉｔｅ               ｔｈｅｒｅ               ａｐｐｅａｒｓ               ａｎ               ａｒｔｉｃｌｅ               ａｂｏｕｔ               Ｃｉｔｉｇｒｏｕｐ               ａｔｔｏｒｎｅｙｓ               ｌｅｎｄｉｎｇ               ａ               ｈｅｌｐ               ｔｏ               Ｋａｔｒｉｎａ               Ｖｉｃｔｉｍｓ. Ｔｈｅ               ａｒｔｉｃｌｅ               ｒｅｐｏｒｔｓ               ｔｈａｔ               "ａｓｓｏｃｉａｔｅ               ＧＣ               Ｄａｖｉｄ               Ｇｏｌｄｂｅｒｇ               ｂｅｇａｎ               ｋｎｏｃｋｉｎｇ               ｏｎ               ｔｈｅ               ｄｏｏｒｓ               ｏｆ               Ｎｅｗ               Ｏｒｌｅａｎｓ'               ｓｍａｌｌ               ｂｕｓｉｎｅｓｓｅｓ               ｔｈｉｓ               ｗｉｎｔｅｒ,               ｈｅ               ｆｏｕｎｄ               ｌｏｃａｌ               ｓｔｏｒｅ               ｏｗｎｅｒｓ               ｗｈｏ               ｗｅｒｅ               ｌｅｆｔ               ｗｉｔｈ               ｎｏｔｈｉｎｇ               ａｆｔｅｒ               Ｈｕｒｒｉｃａｎｅ               Ｋａｔｒｉｎａ. Ｍａｎｙ               ｏｆ               ｔｈｅ               ｐｅｏｐｌｅ               ｈｅ               ｓｐｏｋｅ               ｗｉｔｈ               ｗｅｒｅ               ｓｋｅｐｔｉｃａｌ               ｏｆ               ｌｅｇａｌ               ａｓｓｉｓｔａｎｃｅ               ａｎｄ               ｃｏｎｆｕｓｅｄ               ｂｙ               ｔｈｅ               ｉｄｅａ               ｏｆ               ｐｒｏ               ｂｏｎｏ               ｈｅｌｐ. Ｂｕｔ               ｓｅｖｅｎ               ｍｏｎｔｈｓ               ａｎｄ               ｓｅｖｅｒａｌ               ｔｒｉｐｓ               ｌａｔｅｒ,               Ｇｏｌｄｂｅｒｇ               ａｎｄ               ｏｔｈｅｒ               ａｔｔｏｒｎｅｙｓ               ｈａｖｅ               ａｓｓｉｓｔｅｄ               ｎｅａｒｌｙ               1,000               ｓｍａｌｌ               ｂｕｓｉｎｅｓｓｅｓ               ｉｎ               ｓｅｃｕｒｉｎｇ               ｒｅｌｉｅｆ. Ａｎｄ               ｔｈａｔ'ｓ               ｊｕｓｔ               ｆｏｒ               ｓｔａｒｔｅｒｓ."                Ｉｔ               ｇｏｅｓ               ｏｎ               ｔｏ               ｓａｙ               ｔｈａｔ               "Ｓｉｎｃｅ               Ｊａｎｕａｒｙ,               ａｂｏｕｔ               25               ｏｆ               Ｃｉｔｉｇｒｏｕｐ'ｓ               ｒｏｕｇｈｌｙ               500               Ｕ.Ｓ.-ｂａｓｅｄ               ａｔｔｏｒｎｅｙｓ               ｈａｖｅ               ｌｏｇｇｅｄ               350               ｈｏｕｒｓ               ｏｎ               Ｋａｔｒｉｎａ-ｒｅｌａｔｅｄ               ｐｒｏ               ｂｏｎｏ               ｗｏｒｋ."               Ａｎｄ               "Ｅｖｅｎ               ｓｔａｆｆ               ｌａｗｙｅｒｓ               ａｔ               ｔｈｅ               Ｎｅｗ               Ｙｏｒｋ-ｂａｓｅｄ               ｆｉｎａｎｃｉａｌ               ｓｅｒｖｉｃｅｓ               ｇｉａｎｔ               ｗｈｏ               ｃｏｕｌｄｎ'ｔ               ｔｒａｖｅｌ               ｔｏ               ｔｈｅ               Ｇｕｌｆ               Ｃｏａｓｔ               ｐｉｔｃｈｅｄ               ｉｎ               ｂｙ               ｗｏｒｋｉｎｇ               ｏｎ               ａｐｐｅａｌｓ               ｔｏ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｅｍｅｒｇｅｎｃｙ               Ｍａｎａｇｅｍｅｎｔ               Ａｇｅｎｃｙ."                Ｓｕｒｅｌｙ               ｅｖｅｒｙｏｎｅ               ｋｎｏｗｓ               ｔｈａｔ               ｔｈｅｓｅ               ａｔｔｏｒｎｅｙｓ               ｄｉｄｎ'ｔ               ｄｏ               ｔｈｉｓ               ｐｕｒｅｌｙ               ｏｕｔ               ｏｆ               ｔｈｅ               ｇｏｏｄｎｅｓｓ               ｏｆ               ｔｈｅｉｒ               ｈｅａｒｔｓ? Ｐｒｏ               ｂｏｎｏ               ｓｉｍｐｌｙ               ｍｅａｎｓ               ｔｈａｔ               ｔｈｅ               ｓｍａｌｌ               ｂｕｓｉｎｅｓｓ               ｏｗｎｅｒｓ               ｄｉｄｎ'ｔ               ｄｉｒｅｃｔｌｙ               ｐａｙ               ｆｏｒ               ｔｈｅ               ｌａｗｙｅｒ'ｓ               ｓｅｒｖｉｃｅｓ. Ｐｒｏ               ｂｏｎｏ               ｍｅａｎｓ               ｔｈａｔ               ｔａｘ               ｐａｙｅｒｓ               ｐａｉｄ               ｆｏｒ               ｔｈｅ               ｓｅｒｖｉｃｅｓ               ｏｆ               ｔｈｅｓｅ               ｌａｗｙｅｒｓ               ａｎｄ               ｍｏｓｔ               ｌｉｋｅｌｙ,               ａｔ               ａ               ｓｈｏｃｋｉｎｇｌｙ               ｅｘａｇｇｅｒａｔｅｄ               ｒａｔｅ. Ｉｎ               ａｄｄｉｔｉｏｎ               ｔｏ               ｔｈｅｉｒ               ｈｏｕｒｌｙ               ｒａｔｅｓ,               ｔｈｅｓｅ               ｆｉｒｍｓ               ｗｒｏｔｅ               ｏｆｆ               ａｌｌ               ｔｈｅｉｒ               ｅｘｐｅｎｓｅｓ               ｓｕｃｈ               ａｓ               ｈｏｔｅｌｓ,               ａｉｒ               ｆａｒｅ,               ｅｔｃ... -               ａｎｄ               ｔｈｅｎ               ｓｏｍｅ.                Ｏｎｅ               ｏｆ               ｔｈｅ               ｆｉｒｍｓ               ａｓｓｏｃｉａｔｅｄ               ｗｉｔｈ               Ｃｉｔｉｇｒｏｕｐ               ｉｎ               ｔｈｅ               ｐａｓｔ               ｉｓ:               Ｓｔｒｏｏｃｋ               &               Ｓｔｒｏｏｃｋ               &               Ｌａｖａｎ. Ｃｏｎｔａｉｎｅｄ               ｏｎ               ｔｈｅ               ｗｅｂｓｉｔｅ               ｆｏｒ               ｔｈｉｓ               ｆｉｒｍ               ｕｎｄｅｒ               ｓｕｂ-ｐｒｉｍｅ               ｉｓ               ｔｈｅ               ｆｏｌｌｏｗｉｎｇ               ｉｎｆｏｒｍａｔｉｏｎ:                "Ｉｎ               ａｄｄｉｔｉｏｎ               ｔｏ               ｏｕｒ               ｌｉｔｉｇａｔｉｏｎ               ｅｘｐｅｒｔｉｓｅ,               Ｓｔｒｏｏｃｋ               ｉｓ               ａ               ｒｅｃｏｇｎｉｚｅｄ               ｍａｒｋｅｔ               ｌｅａｄｅｒ               ｉｎ               ｔｈｅ               ｓｅｃｕｒｉｔｉｚａｔｉｏｎ               ｏｆ               ｐｒｉｍｅ,               ｓｕｂ-ｐｒｉｍｅ               ａｎｄ               ｒｅｖｏｌｖｉｎｇ               ｈｏｍｅ               ｅｑｕｉｔｙ               ｌｏａｎｓ. Ｓｔｒｏｏｃｋ               ｗａｓ               ａｍｏｎｇ               ｔｈｅ               ｆｉｒｓｔ               ｆｉｒｍｓ               ｔｏ               ａｄｖｉｓｅ               ｏｎ               ｍｏｒｔｇａｇｅ-ｂａｃｋｅｄ               ｂｏｎｄ               ｉｓｓｕａｎｃｅｓ,               ａｎｄ               ｉｎ               ｔｈｅ               ｌａｓｔ               ｙｅａｒ               ａｌｏｎｅ,               ｏｕｒ               Ｓｔｒｕｃｔｕｒｅｄ               Ｆｉｎａｎｃｅ               ａｎｄ               Ｒｅａｌ               Ｅｓｔａｔｅ               ａｔｔｏｒｎｅｙｓ               ｈａｖｅ               ｒｅｐｒｅｓｅｎｔｅｄ               ｃｌｉｅｎｔｓ               ｉｎ               ｔｈｅ               ｏｒｉｇｉｎａｔｉｏｎ               ｏｆ               ｏｖｅｒ               $8               ｂｉｌｌｉｏｎ               ｏｆ               ｃｏｍｍｅｒｃｉａｌ               ｒｅａｌ               ｅｓｔａｔｅ               ｆｉｎａｎｃｉｎｇｓ. Ｗｅ               ｈａｖｅ               ｓｅｒｖｅｄ               ａｓ               ｄｅａｌ               ｃｏｕｎｓｅｌ               ｆｏｒ               ｉｓｓｕａｎｃｅｓ               ｂｙ               Ｂｅａｒ,               Ｓｔｅａｒｎｓ               &               Ｃｏ. Ｉｎｃ. ａｎｄ               ｍａｎｙ               ｏｆ               ｉｔｓ               ａｆｆｉｌｉａｔｅｓ,               ｉｓｓｕｅｒｓ               ｃｏｕｎｓｅｌ               ｆｏｒ,               ａｍｏｎｇ               ｏｔｈｅｒｓ,               ＧＲＰ/ＡＧ               Ｃａｐｉｔａｌ,               ＬＬＣ               ａｎｄ               Ｔｈｏｒｎｂｕｒｇ               Ｍｏｒｔｇａｇｅ               Ｈｏｍｅ               Ｌｏａｎｓ               Ｉｎｃ.,               ａ               ＲＥＩＴ,               ａｎｄ               ｕｎｄｅｒｗｒｉｔｅｒｓ               ｃｏｕｎｓｅｌ               ｆｏｒ               ｉｓｓｕａｎｃｅｓ               ｂｙ               Ｗｅｌｌｓ               Ｆａｒｇｏ               Ｈｏｍｅ               Ｍｏｒｔｇａｇｅ               ａｎｄ               ＧＭＡＣ               Ｍｏｒｔｇａｇｅ               Ｃｏｒｐｏｒａｔｉｏｎ. Ｗｅ               ｒｅｐｒｅｓｅｎｔ               ｕｎｄｅｒｗｒｉｔｅｒｓ               ｅａｃｈ               ｍｏｎｔｈ               ｉｎ               ｃｏｎｎｅｃｔｉｏｎ               ｗｉｔｈ               ＲＥＭＩＣ               ａｎｄ               ｏｔｈｅｒ               ｓｅｃｕｒｉｔｉｅｓ               ｉｓｓｕｅｄ               ｂｙ               Ｆａｎｎｉｅ               Ｍａｅ,               Ｆｒｅｄｄｉｅ               Ｍａｃ               ａｎｄ               Ｇｉｎｎｉｅ               Ｍａｅ. Ｏｕｒ               ｍｏｒｔｇａｇｅ               ｌｅｎｄｉｎｇ               ｐｒａｃｔｉｃｅ               ｉｓ               ａｌｓｏ               ｏｎｅ               ｃｏｍｐｏｎｅｎｔ               ｏｆ               ａ               ｌａｒｇｅ,               ｎａｔｉｏｎａｌ               ｃｏｍｍｅｒｃｉａｌ               ｒｅａｌ               ｅｓｔａｔｅ               ｐｒａｃｔｉｃｅ. Ｗｅ               ｒｅｐｒｅｓｅｎｔ               ｉｎｓｔｉｔｕｔｉｏｎａｌ               ａｎｄ               ｐｒｉｖａｔｅ               ｏｗｎｅｒ               ａｎｄ               ｉｎｖｅｓｔｏｒ               ｃｌｉｅｎｔｓ               ｉｎ               ｖｉｒｔｕａｌｌｙ               ａｌｌ               ａｓｐｅｃｔｓ               ｏｆ               ｃｏｍｍｅｒｃｉａｌ               ｒｅａｌ               ｅｓｔａｔｅ               ｌａｗ,               ｉｎｃｌｕｄｉｎｇ               ｓａｌｅｓ               ａｎｄ               ａｃｑｕｉｓｉｔｉｏｎｓ,               ｊｏｉｎｔ               ｖｅｎｔｕｒｅｓ,               ｒｅａｌ               ｅｓｔａｔｅ               ｄｅｖｅｌｏｐｍｅｎｔ,               ｃｏｍｍｅｒｃｉａｌ               ｌｅａｓｉｎｇ,               ｃｏｎｄｏｍｉｎｉｕｍ               ａｎｄ               ｃｏｏｐｅｒａｔｉｖｅ               ｐｌａｎｓ,               ｌａｎｄ               ｕｓｅ               ａｎｄ               ｔａｘ               ｃｅｒｔｉｏｒａｒｉ."                Ｔｈｉｓ               ｉｓ               ｏｎｅ,               ｏｎｌｙ               ｏｎｅ,               ｏｆ               Ｃｉｔｉｇｒｏｕｐ'ｓ               ａｔｔｏｒｎｅｙｓ. Ｃｉｔｉｇｒｏｕｐ               ｈａｓ               ｍｏｒｅ               ｔｈａｎ               500               ｌａｗ               ｆｉｒｍｓ               ｒｅｐｒｅｓｅｎｔｉｎｇ               ｔｈｅｍ               ａｎｄ               ｉｆ               ｏｎｌｙ               ｈａｌｆ               ｏｆ               ｔｈｏｓｅ               ａｒｅ               ｉｎｖｅｓｔｉｎｇ               ｉｎ               ｔｈｅｉｒ               ｃｌｉｅｎｔｓ               ａｎｄ,               ｉｆ               ｅａｃｈ               ｏｆ               ｔｈｅ               ｏｔｈｅｒ               ｓｕｂ-ｐｒｉｍｅ               ｌｅｎｄｅｒｓ               ｈａｓ               ｊｕｓｔ               ａｓ               ｍａｎｙ               ｌａｗｙｅｒｓ               ｗｈｏ               ｈａｐｐｅｎ               ｔｏ               ｉｎｖｅｓｔ               ｉｎ               ｔｈｅｍ,               ｔｈｅｎ               ｌａｗｙｅｒｓ               ａｒｅ               ｎｏｔ               ｏｎｌｙ               ｂｅｎｅｆｉｔｉｎｇ;               ｔｈｅｙ               ａｒｅ               ｂｅｎｅｆｉｔｉｎｇ               ＢＩＧ.                Ｌａｗｙｅｒｓ               ａｒｅ               ｎｏｔ               ｒｅｑｕｉｒｅｄ               ｔｏ               ｍａｋｅ               ｔｈｅｉｒ               ｆｉｎａｎｃｉａｌｓ               ｐｕｂｌｉｃ. Ｉｎｄｅｅｄ,               ｔｈｅｒｅ               ｉｓ               ｖｅｒｙ               ｌｉｔｔｌｅ               ｔｈａｔ               ｐｒｅｖｅｎｔｓ               ｌａｗｙｅｒｓ               ｆｒｏｍ               ｄｏｉｎｇ               ａｂｓｏｌｕｔｅｌｙ               ａｎｙｔｈｉｎｇ               ｔｈｅｙ               ｗａｎｔ               ｔｏ. Ｔｈｅｒｅ               ｉｓ               ａ               ｓｔａｎｄａｒｄ               ｏｆ               "ｉｎｎｏｃｅｎｔ               ｕｎｔｉｌ               ｐｒｏｖｅｎ               ｇｕｉｌｔｙ"               ｉｎ               ｔｈｉｓ               ｃｏｕｎｔｒｙ               ｈｏｗｅｖｅｒ,               ｅｖｅｒｙｏｎｅ               ｋｎｏｗｓ               ｔｈａｔ               ｔｈｉｓ               ｓｔａｎｄａｒｄ               ｄｏｅｓ               ｎｏｔ               ｓｅｅｍ               ｔｏ               ｂｅ               ａｐｐｌｉｅｄ               ｅｑｕａｌｌｙ               ｔｏ               ｔｈｅ               ｌｏｗｅｒ-ｉｎｃｏｍｅ               ｃｌａｓｓｅｓ               ｏｒ               ｍｉｎｏｒｉｔｉｅｓ. Ｗｉｔｈ               ｌａｗｙｅｒｓ,               ｔｈｅｒｅ               ｉｓ               ａ               ｓｅｎｓｅ               ｔｈａｔ               ｔｈｅｙ               ａｒｅ               ａｂｏｖｅ               ｒｅｐｒｏａｃｈ               ａｎｄ               ｓｈｏｕｌｄ               ｂｅ               ｇｉｖｅｎ               ａｎｙ               ｂｅｎｅｆｉｔ               ｏｆ               ａ               ｄｏｕｂｔ. Ｔｈｅｙ               ｈａｖｅ               ｓｕｒｅｌｙ               ｅｎｊｏｙｅｄ               ｔｈａｔ               ｓｔａｔｕｓ.                Ｔｈｅｒｅ               ａｒｅ               ｃｏｎｓｕｍｅｒｓ               ｏｕｔ               ｔｈｅｒｅ               ｔｈａｔ               ａｒｅ               ｉｎ               ｍｏｒｔｇａｇｅ               ｆｏｒｅｃｌｏｓｕｒｅ               ｗｈｏ               ｏｎｌｙ               ｏｗｅ               $1000               ｉｎ               ｂａｃｋ               ｐａｙｍｅｎｔｓ               ｔｏ               ｔｈｅｉｒ               ｍｏｒｔｇａｇｅ               ｌｅｎｄｅｒ,               ｂｕｔ               $4000               ｉｎ               ｆｅｅｓ               ｔｏ               ｔｈｅ               ｍｏｒｔｇａｇｅ               ｌｅｎｄｅｒ'ｓ               ａｔｔｏｒｎｅｙｓ. Ｗｈｅｎ               ｔｈｅ               ｆｏｒｅｃｌｏｓｕｒｅ               ｉｓ               ｆｉｌｅｄ,               ｔｈｅ               ａｔｔｏｒｎｅｙｓ               ｂｅｇｉｎ               ｃｈａｒｇｉｎｇ               ｆｅｅｓ               ｏｎ               ａ               ｄａｉｌｙ               ｂａｓｉｓ. Ｏｆ               ｃｏｕｒｓｅ,               ｔｈｅ               ａｔｔｏｒｎｅｙ               ｉｓ               ｎｏｔ               ａｃｔｕａｌｌｙ               ｗｏｒｋｉｎｇ               ｏｎ               ｔｈａｔ               ｃａｓｅ               ｄａｉｌｙ,               ｂｕｔ               ｔｈｅｙ               ａｒｅ               ｃｈａｒｇｉｎｇ               ｆｅｅｓ               ｄａｉｌｙ. Ｉｆ               ｙｏｕ               ａｓｋ               ｆｏｒ               ａ               ｄｅｔａｉｌｅｄ               ｓｔａｔｅｍｅｎｔ               ｏｆ               ｈｏｗ               ｔｈｅ               ａｔｔｏｒｎｅｙ               ｃｏｍｅｓ               ｕｐ               ｗｉｔｈ               ｗｈａｔ               ｉｓ               ｏｗｅｄ               -               ｙｏｕ               ｗｉｌｌ               ｓｉｍｐｌｙ               ｎｏｔ               ｇｅｔ               ｏｎｅ. Ｗｈａｔ               ｙｏｕ               ｍｉｇｈｔ               ｇｅｔ,               ｉｆ               ｙｏｕ               ｉｎｓｉｓｔ               ｂｙ               ａ               ｍｏｔｉｏｎ               ｔｏ               ｔｈｅ               ｃｏｕｒｔ,               ｉｓ               ａ               3-4               ｌｉｎｅ               ｐａｒａｇｒａｐｈ               ｔｈａｔ               ｏｕｔｌｉｎｅｓ:               ｗｈａｔ               ｙｏｕ               ｏｗｅ               ｔｏ               ｔｈｅ               ｌｅｎｄｅｒ               ｉｎ               ｂａｃｋ               ｐａｙｍｅｎｔｓ               ａｎｄ               ｉｎｔｅｒｅｓｔ,               ａｎ               ｅｎｔｒｙ               ｆｏｒ               ａｎ               ａｐｐｒａｉｓａｌ               ａｎｄ               ｐｒｏｐｅｒｔｙ               ｉｎｓｐｅｃｔｉｏｎ               (ｅｖｅｎ               ｔｈｏｕｇｈ               ｔｈｅｙ               ｄｏｎ'ｔ               ａｃｔｕａｌｌｙ               ｄｏ               ａｎ               ａｐｐｒａｉｓａｌ               ｏｒ               ｉｎｓｐｅｃｔｉｏｎ),               ａｎｄ               ｔｈｅｎ               ｔｗｏ               ｏｔｈｅｒ               ｅｎｔｒｉｅｓ               ｗｈｉｃｈ               ｗｉｌｌ               ｐｒｏｂａｂｌｙ               ａｍｏｕｎｔ               ｔｏ               ｍｏｒｅ               ｔｈａｎ               ｗｈａｔ               ｙｏｕ               ｏｗｅ               ｔｈｅ               ｌｅｎｄｅｒ               ｆｏｒ               "Ｆｏｒｅｃｌｏｓｕｒｅ               Ｆｅｅｓ"               ａｎｄ               "Ｆｏｒｅｃｌｏｓｕｒｅ               Ｃｏｓｔｓ."               Ｔｈｅｓｅ               ａｒｅ               ｌｕｍｐ               ｓｕｍ               ｆｉｇｕｒｅｓ.                Ａｄｄｉｔｉｏｎａｌｌｙ,               ｉｆ               ｙｏｕ               ａｒｅ               ｉｎ               ｆｏｒｅｃｌｏｓｕｒｅ               ａｎｄ               ｙｏｕ               ｏｂｔａｉｎ               ｔｈｅ               ｆｕｎｄｓ               ｔｏ               ｃａｔｃｈ               ｕｐ               ｔｈｅ               ｍｏｒｔｇａｇｅ               ｐａｙｍｅｎｔｓ,               ｔｈｅ               ｍｏｒｔｇａｇｅ               ｃｏｍｐａｎｙ               ｗｉｌｌ               ｎｏｔ               ａｃｃｅｐｔ               ｔｈｅ               ｐａｙｍｅｎｔｓ. Ｔｈｅ               ｌａｗｙｅｒ               ｍｕｓｔ               ｂｅ               ｐａｉｄ               ｆｉｒｓｔ. Ｗｈｅｎ               ｙｏｕ               ｃｏｎｔａｃｔ               ｔｈｅ               ｌａｗｙｅｒ               ｔｏ               ｆｉｎｄ               ｏｕｔ               ｈｏｗ               ｍｕｃｈ               ｔｏ               ｐａｙ,               ｉｔ               ｃｏｕｌｄ               ｔａｋｅ               ｔｈｅｍ               ｕｐ               ｔｏ               ｔｗｏ               ｗｅｅｋｓ               ｔｏ               ａｎｓｗｅｒ               ｔｈａｔ               ｑｕｅｓｔｉｏｎ               ａｎｄ               ｙｏｕ               ｃａｎ'ｔ               ｓｉｍｐｌｙ               ｒｅｑｕｅｓｔ               ｔｈｅ               ｉｎｆｏｒｍａｔｉｏｎ               ｂｙ               ｔｅｌｅｐｈｏｎｅ               -               ｙｏｕ               ｍｕｓｔ               ｆａｘ               ｔｈｅｍ               ａ               ｒｅｑｕｅｓｔ. Ｉｎ               ｔｈｅ               ｔｗｏ               ｗｅｅｋｓ               ｙｏｕ               ａｒｅ               ｗａｉｔｉｎｇ               ｔｏ               ｆｉｎｄ               ｏｕｔ               ｗｈａｔ               ｔｏ               ｐａｙ,               ｙｏｕ               ｃｏｎｔｉｎｕｅ               ｔｏ               ｇｅｔ               ｃｈａｒｇｅｄ               ｄａｉｌｙ               ａｔｔｏｒｎｅｙ'ｓ               ｆｅｅｓ. Ｔｈｅｎ,               ｔｈｅｒｅ               ｉｓ               ｔｈｅ               ｑｕｅｓｔｉｏｎ               ｏｆ               ｈｏｗ               ｔｏ               ｐａｙ. Ｔｈｅｒｅ               ｃａｎ               ｂｅ               ｍａｎｙ               ｒｕｌｅｓ               ｔｈａｔ               ｔｈｅ               ａｔｔｏｒｎｅｙ               ｈａｓ               ｒｅｇａｒｄｉｎｇ               ｈｏｗ               ｔｈｅｙ               ｗｉｌｌ               ａｃｃｅｐｔ               ｔｈｅ               ｆｕｎｄｓ.                Ｓｏｍｅ               ａｔｔｏｒｎｅｙ'ｓ               ｈａｖｅ               ａ               ｐｒａｃｔｉｃｅ               ｏｆ               ｔｅｌｌｉｎｇ               ｙｏｕ               ｗｈａｔ               ｆｕｎｄｓ               ｔｏ               ｓｅｎｄ               ａｎｄ               ｈｏｗ               ｔｏ               ｓｅｎｄ               ｔｈｅｍ               ｂｙ               ｓｎａｉｌ               ｍａｉｌ               ｂｕｔ,               ｂｙ               ｔｈｅ               ｔｉｍｅ               ｙｏｕ               ｇｅｔ               ｔｈｅ               ｉｎｆｏｒｍａｔｉｏｎ               -               ｙｏｕ               ａｒｅ               ｐａｓｔ               ｔｈｅ               ｄａｔｅ               ｆｏｒ               ｓｅｎｄｉｎｇ               ｔｈｅ               ｆｕｎｄｓ               ｂｅｃａｕｓｅ               ｔｈｅ               ｒｅｑｕｉｒｅｄ               ｄａｔｅ               ｆｏｒ               ｐａｙｍｅｎｔ               ｗａｓ               ｔｈｅ               ｄａｙ               ｔｈｅｙ               ｓｅｎｔ               ｏｕｔ               ｔｈｅ               ｍａｉｌ. Ｔｈｅｒｅｆｏｒｅ,               ｉｔ               ｗｉｌｌ               ｔａｋｅ               ａｎｏｔｈｅｒ               ｔｗｏ               ｗｅｅｋｓ               ｔｏ               ｅｓｔａｂｌｉｓｈ               ａｎｏｔｈｅｒ               ｄａｔｅ               ｆｏｒ               ｓｅｎｄｉｎｇ               ｔｈｅ               ｆｕｎｄｓ. Ｔｈｉｓ               ｃｕｔｅ               ｔｒｉｃｋ               ｉｓ               ｐｒａｃｔｉｃｅｄ               ｂｙ               ａｔ               ｌｅａｓｔ               ｏｎｅ               ｌａｗ               ｆｉｒｍ,               Ｃａｓｔｌｅ               Ｍｅｉｎｈｏｌｄ               &               Ｓｔａｗｉａｒｓｋｉ               ｏｆ               Ｃｏｌｏｒａｄｏ               Ｓｐｒｉｎｇｓ,               ＣＯ               ｗｈｏ               ｒｅｐｒｅｓｅｎｔｓ               Ｗｅｌｌｓ               Ｆａｒｇｏ               Ｂａｎｋ               ｗｈｏ               ｓｅｒｖｉｃｅｓ               ｌｏａｎｓ               ｆｏｒ               Ｗａｓｈｉｎｇｔｏｎ               Ｍｕｔｕａｌ.                Ｉｎ               Ｃｏｎｃｌｕｓｉｏｎ                Ｔｈｅ               ｌａｗ               ｐｒｏｆｅｓｓｉｏｎ               ｉｓ               ｉｎ               ｄｉｒｅ               ｎｅｅｄ               ｏｆ               ｒｅｇｕｌａｔｉｏｎ               ｆｏｒ               ｔｈｅ               ｐｕｂｌｉｃ               ｇｏｏｄ. Ｃａｐｓ               ｓｈｏｕｌｄ               ｂｅ               ｐｌａｃｅｄ               ｏｎ               ｗｈａｔ               ａ               ｌａｗｙｅｒ               ｉｓ               ａｂｌｅ               ｔｏ               ｃｈａｒｇｅ. Ｆｉｎａｎｃｉａｌｓ               ａｎｄ               ａｆｆｉｌｉａｔｉｏｎｓ               ｓｈｏｕｌｄ               ｂｅ               ｍａｄｅ               ｐｕｂｌｉｃ.                Ｉｔ               ｉｓ               ｎｏｔ               ｓｕｆｆｉｃｉｅｎｔ               ａｎｙｍｏｒｅ               ｆｏｒ               ｔｈｅ               ａｖｅｒａｇｅ               ｐｅｒｓｏｎ               ｔｏ               ｊｕｓｔ               ｇｒａｄｕａｔｅ               ｈｉｇｈ               ｓｃｈｏｏｌ               ｗｉｔｈ               ｇｅｎｅｒａｌ               ｓｔｕｄｉｅｓ. Ｉｎ               ｏｒｄｅｒ               ｔｏ               ｐｒｏｔｅｃｔ               ｏｕｒｓｅｌｖｅｓ,               ｗｅ               ｎｅｅｄ               ｔｏ               ｂｅ               ａｂｌｅ               ｔｏ               ｒｅｃｏｇｎｉｚｅ               ｔｈｅ               ｐｒｅｄａｔｏｒｓ               ｔｈａｔ               ｗｅ               ａｒｅ               ｄｅａｌｉｎｇ               ｗｉｔｈ               ｉｎ               ｅｖｅｒｙｄａｙ               ｌｉｆｅ. Ｒａｔｈｅｒ               ｔｈａｎ               ｔｒｙｉｎｇ               ｔｏ               ｓｈｕｆｆｌｅ               ｏｕｒ               ｋｉｄｓ               ｏｆｆ               ｔｏ               ｔｒａｄｅ               ｓｃｈｏｏｌｓ,               Ｌａｗ               ａｎｄ               ｈｏｗ               ｉｔ               ａｐｐｌｉｅｓ               ｔｏ               ｏｕｒ               ｅｖｅｒｙｄａｙ               ｌｉｖｅｓ               ｓｈｏｕｌｄ               ｂｅ               ｔｈｅ               ｍａｉｎ               ｃｏｕｒｓｅ               ｏｆ               ｓｔｕｄｙ               ｄｕｒｉｎｇ               ｔｈｅ               ｌａｓｔ               ｙｅａｒ               ｏｆ               ｈｉｇｈ               ｓｃｈｏｏｌ.                Ｗｈｏ               ｉｓ               ｒｅｓｐｏｎｓｉｂｌｅ               ｆｏｒ               ｔｈｅ               ｓｕｂ-ｐｒｉｍｅ               ｍｏｒｔｇａｇｅ?                Ｌｅｔ'ｓ               ｓｅｅ,               ｔｈｅ               ｍａｊｏｒｉｔｙ               ｏｆ               ｏｕｒ               Ｃｏｎｇｒｅｓｓ               ａｒｅ               ｌａｗｙｅｒｓ               ｂｙ               ｐｒｏｆｅｓｓｉｏｎ. Ｉｔ               ｔｏｏｋ               Ｃｏｎｇｒｅｓｓ               ａｎｄ               ｔｈｅ               Ｐｒｅｓｉｄｅｎｔｓ               (ｂｏｔｈ               ｏｆ               ｗｈｏｍ               ｗｅｒｅ               ｌａｗｙｅｒｓ)               ｔｏ               ｄｅｒｅｇｕｌａｔｅ               ｌａｗｓ               ｔｈａｔ               ｐｒｏｔｅｃｔｅｄ               ｕｓ               ｆｒｏｍ               ｔｈｅ               ｂａｎｋｓ               ｂｅｃｏｍｉｎｇ               ｉｎｖｏｌｖｅｄ               ｉｎ               ｓｔｏｃｋｓ. Ｍａｎｙ               ｌａｗ               ｆｉｒｍｓ               ｈａｖｅ               ａ               ｖｅｓｔｅｄ               ｉｎｔｅｒｅｓｔ               ｉｎ               ｔｈｅ               ｂａｎｋ               ｓｔｏｃｋ. Ｌａｗ               ｆｉｒｍｓ               ａｌｓｏ               ｐｒｏｆｉｔ               ｆｒｏｍ               ｆｏｒｅｃｌｏｓｕｒｅ. Ｃｏｎｃｌｕｓｉｏｎ:               Ｌａｗｙｅｒｓ.

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