A Dispute Over a Report to Regulators

Mr. Levin becomes fired up over an exchange with Ms. Drew over the amount of a trading loss that was reported to the comptroller's office. The senator asks her why bank officials reported on April 16 that a trading loss was about $580 million -- despite an internal report that put the number at $1.2 billion. Ms. Drew responds, "To the best of my knowledge, the O.C.C. was given daily reports of the C.I.O.'s mark-to-market activities." That throws Mr. Levin off, and the senator says he doesn't think that's true. Before he switches off to Mr. McCain, Ms. Drew reiterates that her assertion was made "to the best of her knowledge."