customer funds were went through a securities liquidation the liquidation for securities for the c.r.t.c. was kind of an absentee landlord in this whole bit which was unfortunate and i guess some senators were asking questions in the c.r.t.c. is no responded right will soon or shall we ask for an explanation of why the c. f.t.c. had gary gensler recused himself and the early days following the bankruptcy now here is what we gathered from the c f d c's office of inspector general they said that the general counsel and designated agency ethics officer instructed that there was no need to recuse given the fact that there was neither a financial conflict nor an appearance problem yes and the important point to stress here why. gary gensler be ques themselves well he used to work at goldman sachs along with john corazon john corazon was his boss when he was c.e.o. of the firm in the late ninety's and poor gary gensler he just didn't want to do the job apparently to protect the futures industry's customers so according to this report he didn't actually have to recuse himself but there is another li

the c.r.t.c. was receptive with andre when joe invited us out in july of two thousand and ten after we published what we found on the flash pressured or he was very receptive and he connected us with many others and to see if the city even sent a per ounce to our office and within a day we had him up and running be able to start actually working with flash crash data we sent out of the plant. and that was kind of the end of it and the f.c.c. it seems like you've always been forced to listen. well there is also prevalent and the future is and so in that regard the commissioner of the c f t c has said he wants to put a good housekeeping sam of approval on every hour go and this is maybe a little i think of all your what are your thoughts on how to reign and some of the damage that you see these algos posing to far less of. i don't understand why this loan to find these things is there so obvious to us we've been interested for a long time and there are obvious to others for us who is who who work in sup

coincidentally or not coincidentally enough actually yesterday gary gensler who's the head of the c.r.t.c. was pushing for a resolution or something this you have to see that would monitor. and try to rein them in and this is after last week's and he was going to well this is this and he said this a couple years ago he said he wants to put a good housekeeping stamp of approval on every i'll go i just literally impossible leave it up to him to figure out no so we have the capacity to do. certainly doesn't at least goes crying to the senate budget committee again for funding this year well i think you know what's really important to understand is that these companies who are engaging in this are trading and milliseconds and macro seconds so we're talking about thousands of a second billions of a second and ever firm is in this in this market space and they have the ability to take advantage of the lane see issue at the c.m.e. all they have to do with update their servers to be a part of it it's an arms race and you have to figure that the people who are making. most money. firms and all the big

was head of the c.f. to see all right and he worked under john kors zein a long long time ago but this office of inspector general in the c.r.t.c. found that there was no need for gansler to recuse himself there really weren't the conflicts of interest there as i said gensler was more interested in regulating the swaps market and he was trying to do a bunch of other things. at the time and this was now m.f. global it was just one point six billion dollars one point six what's a few hundred million among friends as compared to the swaps market which is trillions yes i mean the notional value of the swaps market is seven hundred trillion and it was a major coup for this you have to see to be able to reveal who they know to regulate this entire market the u.s. dollar based so it was sent a signal when when gary gensler recused himself it sent a signal to see you have to see was not interested in protecting the customers unfortunately and it was like i said a dual liquidation bankruptcy process now the securities and exchange commission asserted its authority to liquidate the broker unit which had all the customer funds in it under

customer funds were went through a securities liquidation the liquidation for securities firm the c.r.t.c. was kind of an absentee landlord in this whole bit which was unfortunate and i guess some senators were asking questions in the sea of d.c. has no responded right wilson or shall we ask for an explanation of why the c. f.t.c. had gary gensler recused himself and the early days following the bankruptcy now here is what we gathered from the c. f.t.c. the office of inspector general they said that the general counsel and designated agency ethics officer instructed that there was no need to recuse given the fact that there was neither a financial conflict nor an appearance problem yes and the important point to stress here why would gary. gensler be ques themselves well he used to work at goldman sachs along with john corazon john corazon was his boss when he was c.e.o. of the firm in the late ninety's and poor gary gensler he just didn't want to do the job apparently to protect the futures industry's customers so according to this report he didn't actually have to recuse himself but there's

working heavily on swaps regulation at the time and people have to understand that it was a big coup for the c.r.t.c. to be able to regulate a big portion of the seven hundred trillion dollars derivatives industry and that was really his focus i don't think gary gensler really cared about the futures in history that much and that's what we saw when the like you said this you have to see was kind of an absentee landlord in those early days and this is top regulator and this is out for we out there is a set of fire congress which might open the doors for the opportunity to see change here and you've said you know there is you have enervate of way to to make more customers protected if there's another m.f. global can you talk about your plan to an. agreement that you are. great with very very deeply here. are they work together. and are they. for a fun run my first customers are then general creditors this is a problem and this is the and this it was if you are one nine year old asked me that i mean to say against the rules are totally meaningless or your. money left in the state got to go to pay back

just tell whatever they wanted to and that was one of the problems at the time so that we have any alternatives well we could actually use market rates in the c.r.t.c. would like to see something like that done gary gensler said why not just use a short term repo market rates or the overnight index while it sounds complicated but basically these are widely broadcast and well known market rates and we don't have to rely on bankers broadcasting things in secrecy and have more people involved so you're going to get more accurate numbers probably exactly now there was also interesting story we found today amazon by three blocks in seattle and in the process of cleaning out their new headquarters and we got we saw some drawings of what they want to build it's a five story glass bubble that will include anough for a room for full blown grown trees and that's i think that's all the time we have for this particular type of a story of the day that's the picture from one of the montreal bubble so we think of that. i have a great weekend. well it's been a pretty day we learned how bangs cozy up the congressman to get favorable legislation passed first you hav

just tell whatever they wanted to and that was one of the problems at the time so that we have any alternatives well we could actually use market rates in the c.r.t.c. would like to see something like that done gary gensler said why not just use a short term repo market rates or the overnight index well it sounds complicated but basically these are widely broadcast and well known market rates and we don't have to rely on bankers broadcasting things in secrecy and there's more people involved so you're going to get more accurate numbers probably exactly now there was also interesting story we found today amazon by three blocks in seattle and in the process of cleaning out their new headquarters and we got we saw some drawings of what they want to build it's a five story glass a bubble that will include a nuff for a room for full blown grown trees and that's i think that's all the time we have for this particular type oval story of the day that's the picture from one of the montreal bubble so we think that. we have a great weekend. well it's been a pretty day we learned how bangs cozy up the congressman to get favorable legislation passed first you h