Continuing to push on the valuation of the trades, Mr. Levin refers to a recorded conversation between Ms. Drew and Javier Martin-Artajo. In that conversation that occurred in April 2012, Ms. Drew, the transcripts show, told Mr. Martin-Artajo: "It's absolutely fine to stay conservative, but it would be helpful, if appropriate, to get, to start getting a little bit of that mark back."
Mr. Levin seizes on that conversation as evidence that Ms. Drew encouraged Mr. Martin-Artajo to tweak the valuing of the positions.
Ms. Drew defends her guidance, arguing that she was only suggesting to the manager in London that he modify the trades based on reliable data.
Mr. Levin seems to love the word "tweak."
Mr. Levin takes particular aim at Mr. Cavanagh, returning at intervals to ask him why this pricing practice was allowed. To curb the temptation to "tweak" prices, Mr. Levin says banks should hire an independent auditor to do the valuation.
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