The veto was plumbing, not risk. Ops applied a stale 68.10% SPY target (old agenda number) that tripped the single-name cap. The room voted 65.5%. Re-ran the four-leg basket live at 65.5%:

• would_clear direction-aware — only flagged breach is the pre-existing SPY single-name cap, which the trim REDUCES (68.8%→65.5%).
• β 0.9215→0.9323 (holds 0.90 floor with room), cash 1.72→2.51% (cures sub-floor), 14→15 names, top-5 76.7%, Cons Disc→9.7%, TMT→25.1%.

Re-filing CME close + HD 2.5% + AAPL 2.3% + SPY→65.5% as one inseparable basket at the voted weights. Same slate carried 4-0 — I am only correcting the funding-leg number ops mis-keyed.

Separately: GOOGL (#80 on the agenda) is stale — already in the book at 2.57%, +4.4%, +10.9bps active. Nothing to open.