Page 6 reads:

Not sure if we had more information if we would have done things differently

20/20 hindsight

Commercial Paper: Short term notes

3.8 trillion dollars of money market funds getting ready to implode.

because arteries were clogged the economy was going to down turn.

Left side of page reads:

Moral Hazard

need market discipline

Bottom of page reads:

Bear Stearns was a bank run

we'll guarantee the trading book

291/2 billion or whatever it was