Year after year after year, that is what they say to the SEC.

But that is where your profits came from.

So RenTec is making a judgment on RenTec.

This algorithm was not just making changes by itself. It took human beings to make changes.

The reality is that tax reform is moving slowly and the inversions are moving very rapidly, and, as I indicated before, I think that is a prescription for real chaos.

Today's hearing brings those two themes together.

If they were not within those guidelines when they made those decisions, using your platform, that was not a recommendation to you.

That is out of 30 million a year.

I would adopt one of the Levin bills.

Did you tell him that one of the concerns was whether or not there would be a tax benefit under the old structure?

You are waffling because you are saying for some purposes it was controlled.

The Great Lakes are one of the world's great treasures, providing drinking water to more than 40 million people; supporting 1.5 million U.S. jobs and $62 billion in wages; transporting critical supplies for manufacturing, electricity…

Thank you, Chairman Cardin and Ranking Member Boozman, for holding this hearing on the Great Lakes Ecological and Economic Protection Act of 2013 (S. 1232), which would help restore and protect the Great Lakes, the largest source of…

Senator Kirk and I, as co-chairs of the Senate Great Lakes Task Force, introduced this bill to target the most significant problems facing the Great Lakes and ensure that we implement these projects cost effectively.

to closely monitor this situation and work with the railroads to find a timely solution.

I find that to be, frankly, a pretty incredible coincidence.

Has the proliferation of trading venues and order types created opportunities for predatory high-frequency traders to take advantage of investors?

There is a lack of confidence in the markets.

Trust is really about saying: 'Without me paying attention, I believe that the right things are happening in my best interests.'

Now, we looked at your Form 606 quarterly order routing disclosures for the quarter covered in the Battalio paper.

I hope this hearing will educate the public about high-frequency trading and broker conflicts of interest.

And, therefore, I think the government would be very helpful in helping to get the industry to coordinate to a level to make these issues easier to identify.

Many, including this Senator, question whether the rise of high-speed trading is, overall, a good thing for markets and investors.

there is a conflict inherent in that pricing schema.

Would you rather review the trading in a nonconflicted environment?