Frank:
Just following up on two topics.
One: Larry May's book continues to run at a VAR of 2,500,00 despite the fact 
his P&L is never close to that.  Can you check that his exotics book 
positions are being picked up in his VAR calcs.

Second:  Have you looked into applying a band-aid to the understating longer 
term Vol problem until we change formulas?

John