Rubinstein believed (but could not prove) that the SEC was wrong, and that the pressure of futures selling by portfolio insurers had been critical. He told the SEC, but did not publish his concerns: "for the first time in my career I had a conflict of interests.... I wasn't sure about it and I didn't want to stick my neck out and do a thing that would have hurt the business."

Donald MacKenzie, An Engine, Not a Camera, loc. 815