Mike Capuano

Honestly, I was listening to the chairman's questions, and paper work for a justification is all well and good, but the truth is I don't judge most agencies by what they say they want to do. I judge them by what they do, the EPA included.

We can always go back tomorrow, change that statutory authorization, and make it any number we choose.

But up until now, you have--the last I heard, you are about $150 million below the cap which is, give or take, 20 percent, maybe more?

I will tell you unequivocally that I think the creation of the CFPB is a good thing for America.

The gentleman from Kentucky, has stated that his goal is to make Barack Obama a one-term President

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

Because I will tell you that eventually, I, myself, am going to want to go to ask questions.

I think it's--I personally think that's where it's going to end up.

I think I am already over my limited time, so I think I'm done even though I'll be back.

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

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.

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?

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.

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.

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

And then, as I understand it, you moved that money to the U.K.

So you were going to sell the company to a company you didn't know anything about?

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

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

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

That is what I wanted to know.

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 know where you were, and I know you were coming down, but you were still in the 30 to 1 ratio when you left the firm as well.

I am going to take you at your word that you never gave instructions to misuse customer money.

They are inadequately funded. The Republican Appropriations Committee this year voted them $172 million, less than they have in the current year.