Mr. Paul Carty:

To go back to the points you made, Vice Chairman, which are valid, the commission certainly has more work to do, some of it depending on legal advice. This was a deliberate strategy by State Street to conceal. The question is who the culprit is. Ultimately, it stops at the top from the point of view of the internal control. One could ask questions about what went wrong in such a big organisation. Those at the top of State Street would know what went wrong. They would know they had a major problem not only with the internal controls and the entire control system but with the actual staff they were employing deliberately concealing information. It is difficult for me to read what staff were saying. I felt embarrassed when I read about that kind of attitude in the report. Equally, if I were at State Street I would wonder what brought all that about. These people were delinquent.