Schwab holds a large book of low-coupon bonds with the lowest yield of any large bank's bond book; its argument that a very low cost of funds makes that fine is wrong, and getting this right would have been worth billions to Schwab shareholders.

but there were a number of other larger banks, Charles Schwab, Bank of America, that hung on to a lot of that low coupon paper.

Same thing with Schwab, by the way. Schwab has the lowest yield on their bond book of any large bank. And they will tell you, "Well, our cost of funds is very low. It's okay." No, it's not okay cuz if they had gotten this right, it'd be worth billions and billions of dollars to Schwab shareholders.

I had a position in Schwab, which I got out of very nicely.