He said he thought Fannie Mae would never fail, but he denied that he told the client that there was an implicit guaranty that the government would pay the dividend on the preferred stock if Fannie couldn't pay it.
But as he outlines, when currencies fail to adjust something else has to give.
FORBES: Germany And China Have The Gold And Will Make The Rules
Over on Capitol Hill, Federal Reserve Chairman Ben Bernanke said the U.S. economy isn't threatened by 1970's-style stagflation, but he indicated that some banks could fail before the malaise subsides.
The most meaningful support I received early on as a CEO was from the dominant board member who told me I was doing great, but I would fail at some things and he would be there for me when I did.
But he stopped short of imposing quotas, unless voluntary measures fail.
BBC: Gender pay gap widens to ?10,500 for managers, CMI says
But he fell to the persuasions of the headhunters of Fianna Fail, who were looking for a popular candidate for a Cork seat in the Dail, the Irish parliament.
He admits that not only did he fail to take the recommended treatment (Lariam) opting for drugs which were less effective, but he failed to continue taking the tablets on his return to Britain.
Some of our other bloggers say not only did he fail to fulfill his duties as mayor, but he also failed to set a standard for young African-American men.
Soon Carla Devade and Marc Devade will be together, and she will shout, and he will shout, and she will go to the bedroom and pick up a novel, any one of the many that are lying on her bedside table, and he will sit at his desk and try to write but fail.
But if he fails the test the comparison implies, he will not only fail to be Reagan, he will fail to be the candidate he might have been in his own right.
Mr Smith had been concerned he would fail his medical test because of his back injury, but said "everything's healed quite perfectly".
Arsenal boss Arsene Wenger admitted he had mixed feelings after seeing his side dominate for long periods but fail to secure three points.
Only if negotiations with the unions fail would he force through a solution, he promised, but the unions are clearly taking no chances.
Bob was always excited about new science, but he also had no illusions about the hard reality that drugs are more likely to fail than to succeed.
He slams not just the decision to let Lehman Brothers fail in September 2008 but others, as well the imposition of losses on uninsured depositors at IndyMac, a big Californian thrift, in July of that year, and the hit to preferred shareholders in Freddie Mac and Fannie Mae when the government took over America's two housing-finance giants.
But, heaven help us, should Phelps somehow fail to qualify for enough races so that he can't chase Spitz's record, NBC might just as well bag the whole 2008 Olympics and cry out: Everybody, outta the pool!
He has kept his own politics strictly to himself, but probably inclines towards the conservatives of Fianna Fail who run the current coalition government.
As he explained it, innovative projects often succeed at the micro level or within pilot environments but ultimately fail because they cannot be taken to scale.
But he made it very clear: if you are not getting your product out there, you are destined to fail.
But he's the first to tell you that trying to compose a chart topper is almost always guaranteed to fail.
"A 5mm (0.2 inches) particle striking a large solar array is likely to have a very little long-lasting effect, but such an object hitting the main body of a satellite could cause a vital component to fail, " he said.
Scandals over rifles that jam and radios that fail were the fault of the Conservatives who bought the equipment, but Labour was putting them right, he said.
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