Here is a transcript of the interaction between Lemond and Armstrong:

Greg Lemond: May I ask a question?

Lance Armstrong: I see that Mr. Greg Lemond is here.

GL: Yeah, I just want to ask Don Catlin if he was the only one who was going to do the testing.

Don Catlin: He will be subject to testing by everyone under the sun I imagine. I think that will all be sorted out. I will be an extra part to try to work with all of them.

GL: I was just curious if you understand watts and V02 max and how they are related to power output.

DC: Do I understand what?

GL: VO2 max, watts related, power output

DC: Thats not my area. If you want to talk about...

GL: It's Michael Ashenden's area...

DC: What is your question?

GL: It's analytical, you don't need a blood test for blood values, you just need to know somebody's V02 max and their capability.

LA: Greg, can i just step in for a second? .... I understand ... If you would like to make a show, we can. You've done your job.  We are here to talk about a few things. The Global Cancer Campaign, the comeback to cycling, and the credibility in and around that. It's time for us and everybody in this room to move on.  We are not going to go negative here.

GL: The whole history..

LA: I appreciate you being here.

GL: ...the whole history...

LA: Next question.

-- 20 minutes later, Lemond added more comments --

GL:  I just wanted to know if you got that already, and come back to V02 max and liters of oxygen and output of power is ... it doesn't matter about the T/E ratio its a matter about oxygen delivery to the muscles. And that produces watts and it's pretty easy to ... values its gonna help you recover in The Tour, but what produces five hundred watts or four hundred and fifty watts is a matter of oxygen intake. So you can match numbers from the past, and you can pretty much see if someone with V02 max of a hundred milli liters thats what you might need for 500 watts, so this analytical T/E ratio is almost irrelevant.

DC: Well maybe they are irrelevant. But this is what sport doping fathered. The matter of T/E ratio, I don't think its irrelevant because they chase people down and collect them all the time and they find positives...

GL: Yeah, that's good, yeah, but let's just face it, the Tour has had a major problem and its basically on its death bed. I was there this year, I talked to people and I see what is happening to the sport, and as long as ... and CONI was being advised by the IOC and was also getting paid by pro teams not how to get to that. And I think its very easy to get. I mean I have a VO2 max machine here today if Lance wants to take a test of baseline VO2 max today and if that baseline is there, that baseline during The Tour, thats the bottom line.

DC: I dare say you know this business pretty well. Come with your ideas of what we should do. I can help ...

GL: Last year I went to the Tour de France and I came with my ideas with five pages to the Tour de France ... independent doping agency not related to the governing body, overseen by the government thats totally transparent that starts baselining oxygen intake. Michael Ashenden said he could do a sub max test post Tour, post stage and you can see if he has done it he could see if there is difference in oxygen uptake and wattage output and you know genetics don't change. I just took a V02 test in March and i still take 6.3 liters of oxygen, at 47 years old, So I am looking at it as a very simple way of eliminating 98 percent of the drug testing and doping is that you start baselining you know, and like I'm sure Taylor Phinney you know has a huge V02 max. and I probably had one when i was 16, and I say that is the future of analytical testing will be baselining from day one, the V02 max and matching that to testing during the race because you can have a V02 max that is below but there is stuff out there that can be tested and thats fine. It can be you can go from 80 ml to 90 ml of oxygen so its very you know, aerobic sports is driven by oxygen, for fuel and anabolic steroids helps recovery thats it. That helps you push yourself to a cardiovascular max...

LA: I almost wish we had a fourth seat up here. Greg, Greg, Greg, and you know what bud?

GL: I just want to, I just want to...

LA: And we appreciate your feedback ...Thank you ... Thank you.