Rick and Ted,  It looks more like foxes building chicken houses as opposed to foxes guarding  chicken houses.
I shall send a message to Bryan saying that the Research has to look under  the hood and examine the mechanics of the model in order to sign off on it.
A dog and pony show is not  sufficient.
In any case, the decision to approve the model should not be left to Ben and Kirstee.
Please, let me know what your thinking is.
Vince

VaR for EnronCredit.com