Page "Bankers Trust" Paragraph 16

In 1995, litigation by two major corporate clients against Bankers Trust shed light on the market for over-the-counter derivatives.

Bankers Trust employees were found to have repeatedly provided customers with incorrect valuations of their derivative exposures.

The head of the US Commodity Futures Trading Commission ( CFTC ) during this time was later interviewed by Frontline in October 2009: " The only way the CFTC found out about the Bankers Trust fraud was because Procter & Gamble, and others, filed suit.

There was no record keeping requirement imposed on participants in the market.

There was no reporting.

We had no information.

"-Brooksley Born, US CFTC Chair, 1996 -' 99.