I am not afraid of regulation, but that can't possibly work.

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

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

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

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?

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.

This proposal today is a good proposal. It is something that is long overdue and I congratulate the chairwoman for submitting it.

The collapse of MF Global was one of the largest bankruptcies in our Nation's history.

That is what I wanted to know.

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.

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

People are tired of opening their newspapers and reading stories about failures on Wall Street.

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

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

The victims need to be made whole. And anyone who acted improperly certainly needs to be punished.

Mr. Chairman, I know that the obvious question everyone wants to know is, where is the money?

If you want to look at facts, let's look at the compliance costs, which are now 30 times what I was told they would be on this committee when that bill passed.

It is worth noting that--talking about mistakes--that the government later reapplied for a portion of the funds he rejected.

We spent 70 years ignoring and destroying the rail system in this country.

Let me say that again: $350 billion. They see the importance of moving people, goods, and services.

It is going to take continued partnership with the Federal Government, and more planning.

So I think trying to restore this and trying to get it right, any suggestions are welcome, but I agree with my colleague, Ms. Slaughter, that we need to move something.

Our markets are a success precisely because they enjoy the world's highest level of confidence.