the safest levee is the one that is never built.

We think this is a sound plan that needs to move forward.

I think Director Khuzami has proven some leadership on this issue.

This isn't just one major disappointing scandal. It is really three.

What was the preparation you undertook before that testimony?

I think you actively misled me and the Committee.

The reason I am asking--and I know you are aware of this--is I asked you about this in Baton Rouge in August 2009.

Thank you, Mr. Chairman. Thank you, Mr. Kotz, for your work.

We are no longer focused on stats; we are focused on important cases.

I think it takes time for a culture to be changed.

Is there any particular reason you did not put that in the summary?

I think Chairman Schapiro has proven some leadership on this issue.

And that is the first time the SEC looked into and investigated Stanford?

Well, that is certainly important, but I am not asking about the timing of the Goldman case.

So it is clear from your investigation that he affirmatively made the decision to close the matter at that time, in 1998?

And what would you describe that activity as?

Did you describe those pleas from that division?

Just to clarify this point, do these numbers, does your report reflect the impact on the job losses of the de facto shallow water moratorium?

I have to tell you I talk to these people every day and it sure as heck is not what they are telling me.

What to date is the impact of the moratorium on federal revenue and the deficit, and what do you project it to be continuing into the future?

Remind us, and I know you testified about this, how many of those workers have been laid off to date?

I am glad you all are finally here to do that.

They quite frankly are pretty certain of the opposite when they look at shallow water.

So do you know how many rigs you anticipate being idled by the end of the month?

I was very disappointed to learn recently that Senator Reid intends to bring up a very significant amnesty proposal next week known as the DREAM Act. It is disguised as an education initiative, but it will provide a powerful incentive for…