The Questioning Begins

Mr. Levin leads off the questioning, asking Ms. Drew about the nature of the chief investment office's trades at the beginning of the Whale run-up. He asks her if many of the trades were short term. Ms. Drew argued that the core trading position, "a short high-yield position," was meant to be long term and had been held for many years. But the senator presses forward and asks if many of the positions were purchased in a quarter. She concedes the point.