Professor Edward Kane:

It is because of the norms of trying to be helpful and recognising that it will cause a lot of trouble if one gets these big banks angry. It is a matter of giving them the benefit of the doubt and of deferring to them. What if they say, "You don't understand swaps and you don't understand that we have got all this stuff hedged?" What they talk about is over the pay-grade of the examiner. However, the examiner may or may not say, "You should be able to make me understand".

One notices that we have all of this stuff hedged. They talk about it and it is about the pay grade of the examiner. The examiner may or may not say, "Well, you should be able to make me understand," but we all know that there are times when we short-cut our work.