One of the reasons why the money would be moved offshore because those rules are different there.

But even for a repo, I guess what I am getting at, as I understand, and this really is not just MF Global, as I understand it, under the rules of the CFTC a week ago, or 2 weeks ago, whatever it was, everybody talks about segregated funds…

I am not suggesting that you were doing anything other than what everybody else was doing.

I guess my question is--which I know you won't be able to answer--who else was doing this?

The regulators didn't find a serious problem with it, just a little bit of a problem.

Do you think that maybe you kind of waited a little too long?

I am trying to figure out, in times where there really is a run on the bank, where there really is desperation, ordinary protocols sometimes go out the door.

I think it's a fair question to ask what they are going to do from this point forward, but they were put together for systemic risk.

But for the sake of discussion, I also presume that as a bankruptcy trustee, you were collecting information on all creditors, not just customers, is that a fair assumption?

Because the reason I ask is, as I understand it, when everything is said and done, where the collateral might come from, that's fine, we'll get into that in a minute with the CFTC.

Do you realize how much this smells? This is like a dead fish sitting on the table to me.