In other words, it is systemically going to hurt the market.

Mr. Chairman, Ranking Member Bunning, and other Members of the Committee, I thank you for the opportunity to testify today.

Success is rewarded and failure is punished. Pay is based on performance over time and not just in the short run.

I agree. Now where are we going to find them?

How do we stop talking heads from telling us that, then?

Who in the Federal Government knows the markets well enough to effectively regulate and understand what hedge funds and other firms are doing and the risks they might be creating?

I don't want to predict the future. I want to prevent it from----

To address systemic risk and fraud, do you think the SEC is better off focusing on resources on constant supervision and examination or kind of after-the-fact enforcement?

But do you think that it should be on the Standard & Poor's and Moody's and those who rate risk, if they lower their risk on a certain entity?

For all the firms, if we had a systemic risk regulator and that regulator came to you and told you to get out of some positions, how would you react?

In so doing, we may just double and triple the problem, so I want you to be aware that that is why we are hesitant.