Mr. John Moynihan:

Some of what has been said is based on the premise that the accounts in question were effectively wrong. They may not have been wrong. It is possible for a set of accounts to be right at a given point but to be overtaken by events subsequently. Further, auditors can be sued by the shareholders. It may not be easy to do so successfully but it is there, it can be done and it has been done. In addition, the premise that those accounts were wrong is not necessarily valid, or at least it has not been demonstrated.