Jones, Mr Smith and sundry others, mixed them all up into just the one bond (and we did this multiple times), stuck a guarantee on it and then assumed it would be safe.

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But the line between Smith and Friedman is not a straight one, as Mr Stedman Jones points out.

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Mr Jones took the smiling and clapping, mind-your-body-language seat at the top table, Mr Smith took to the lectern.

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