attorney into the cftc enforcement. actions we have hesitated already convinced i'm working with plaintiffs counsel, some of whom i believe are ina subsequent panel to bring litigation action against senior management of mf global in order to collect additional funds for stomers that were successful negation of who we are moving ahead on that. the second question is we are and i am determined to return to customers quickly asi can. i cannot now return money until dispute over a large claims the result by the bankruptcy ourt. we are moving quickly to dissolve those to speak to students as disputes are resolved, that frees up additional money for distributions. how long a process may take, and may take three months, six months or longer depending on complexities of the claims. the holding company itself has filed claims against us as $2.2 billion of which has served securities claims. some of them have served commodities claims. those kind of issues have to be resolved and i have to keep reserved so i don't discriminate i

attorney into the cftc enforcement. actions we have hesitated already convinced i'm working with plaintiffs counsel, some of whom i believe are in a subsequent panel to bring litigation action against senior management of mf global in order to collect additional funds for customers that were successful negation of who we are moving ahead on that. the second question is we are and i am determined to return to customers quickly as i can. i cannot now return money until dispute over a large claims the result by the bankruptcy court. we are moving quickly to dissolve those to speak to students as disputes are resolved, that frees up additional money for distributions. how long a process may take, and may take three months, six months or longer depending on complexities of the claims. the holding company itself has filed claims against us as $2.2 billion of which has served securities claims. some of them have served commodities claims. those kind of issues have to be resolved and i have to keep reserved so i don't discrimin

if so, what did you do and should the cftc have been made aware of it? >> to the best of my knowledge we were not but we were going to learn more facts looking at our own cftc. but the work papers of the nfa may have that. but we don't necessarily review the audits. there's an outside auditor and a self-regulatory organization. but we have moved in the last two and a half years as weak quarterly now look at nfa and the cme review but just on a sample basis. we sample some and it happens to the peregrine wasn't a part of our sample in the last two years. >> is it typical for a term like peregrine to have that many efforts that actions taken against it in a similar time period? that's one come to come three, four, five, six going back to 1996. >> i would have to get back to you because there are especially in the large financial institutions, and this was small and often disciplinary actions for sales practice issues. but i would say looking back at the record and even looking at a the 2000 action that the cftc brought and there was a settlement that they

attorney into the cftc enforcement. actions we have hesitated already convinced i'm working with plaintiffs counsel, some of whom i believe are in a subsequent panel to bring litigation action against senior management of mf global in order to collect additional funds for customers that were successful negation of who we are moving ahead on that. the second question is we are and i am determined to return to customers quickly as i can. i cannot now return money until dispute over a large claims the result by the bankruptcy court. we are moving quickly to dissolve those to speak to students as disputes are resolved, that frees up additional money for distributions. how long a process may take, and may take three months, six months or longer depending on complexities of the claims. the holding company itself has filed claims against us as $2.2 billion of which has served securities claims. some of them have served commodities claims. those kind of issues have to be resolved and i have to keep reserved so i don't discrimin

it feels like the fcc and the cftc are powerless to address these problems. >> i think the fcc foresawlike this occurring and that's what led to the market access proposal for sponsored access. it mandated all trading firms to go through a suite of checks. a simple check would have presented this loss. a similar thing happened to my firm several months ago. we traded against retail flow, and there was a change i a system at a brokerage firm, and it led to a very similar problem. we lost $5,000 on this glitch instead of $400 million. so, like i said, poorly designed software will perform slowly, but that should not, you know, cause people to paint with a broad brush, technology as a whole. technology is responsible for the advancements in the market and where we have gotten in the last 120 years. >> i think the important thing is, i agree, and for once we're not going to blame high frequency traders. but the systems are so complicated now, so interconnected, the potential for error is so high, i don't know what else you can be doing. do you think there are technological risk mitigation

jones reporting that the thrust tee already sent the plan to national futures association and the cftcor comment. >>> with isaac petering out, royal dutch/shell says preparation are underway for the workers to return to the oil giant's offshore facilities in the gulf of mexico as soon as friday. anna dark coy petroleum, chevron and other producers indicating they're preparing to restaff offshore rigs and platforms as the storm moves further inland. that's the latest from fox biz, giving you the power to prosper now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together that's a lot of work getting that one in! let's go see the birdies. [ male announcer ] one on one, sharing what you know. let's do it grandpa. that's why humana

the cftc will continue to make the loan market place work better for borrowers, schools and honest lenders. we look forward to working with congress and policymakers to insure economic mobility is in reach with those who borrow to invest in an education. i look forward to your questions. >> i have a couple. in your student -- your private student loan report you note average interest rate for sample of private student loans was 7.8%. we know with federal reserve monetary policy actions and interest rates in this country are pretty much at record lows. talk to me about that differential. why so much higher for student loans? students not being able to take advantage of low rates. what if anything can we do about it? >> one unique thing about student loans particularly private student loans is once someone takes on that alone when they are 18 or a freshman in college their credit profile can significantly change over time. and 18-year-old may be considered higher risk but by the time they are graduate and gainfully employed and paying for a few years they might be a lower credit risk. we see

surprise, if there is one agency that has picked up the mantle of asking hard questions, it's the cftcg this issue. whether they will dig deeply at the new york fed remains to be seen. i called for an outside investigator because none of the agencies can investigate themselves. the fed needs somebody to say what happened here as a matter of protecting us next time around maybe they will put out a good report. maybe congress will. it will be two years from now. it takes congress that long to do things. i don't know where justice is on this. i don't know where the criminal division is. i don't know why, you know, there are e-mails back and forth between, among the different banks that are sufficient to make very quick criminal case bring it. that brings pressure on the individual up the chain. they should go quickly on this. >> talking to current tv's eliot spitzer, host of "viewpoint" every night at 8:00 p.m. eastern time. let's talk about a story we got into a little bit yesterday. a new report by nbc news shows that top ceos of top-earning companies around the country are donating in

doctor nela richardson, a former economist at the cftc. have watched her grow other economists and it makes me very scared because i'm not an economist, and i need to keep it in a language that we can all understand. congressman mark kennedy from minnesota, we won't ask you about governor pawlenty's overall thoughts, but the exciting clear before government and in business school,, also, he did some nma. we might be able to get him to talk about the opposition of hÄagen-dazs. and doctor david sicilia. a historian at the university of maryland. we really want his overall pick up where we are historically in terms of the jobless rate from economic growth, just where we are at. finally, senator larry pressler from south dakota. chairman of the commerce committee as well as served on finance, especially as we talk about that prospect for individual tax return and corporate tax reform. i know you probably know what a lot of loopholes are. to start off, we will talk with doctor david sicilia. thank you very much. >> delighted to be here, thank y

a couple of hundred pages to establish the cftc.frank is 2300 pages, bigger than the new testament, the old testament and koran. something is wrong with three bibles that govern 2.5 billion people is smaller than a bill to reform financial institutions. there's just inflation in legislation. >> doc, we have to leave it here. that was his trading badge for years. carl, back to you. >> thank you. >> rick santelli in chicago. barclays out with bad news for the pc market. they say the immediate other rick rise of tablets and smartphones continue to further pressure pcs themselves. are these towers going away for good? we'll talk to the analyst behind that call in just a few minutes. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something. make it matter. >>> 11:30 on the east coast. the markets in europe just about closing right now. shares nearing their highs for the ye

would you please comment to commissioner nord or commissioner more trouble on the fact that if the cftc is going to have a pass fail test to the viability of these vehicles, this might cause some challenges. shouldn't a test that is sent to pass or fail a vehicle be repeated so one can be assured that the same result is achieved? >> of course any test that we would mandate regardless of the product has got to be repeatable. you cannot put in place a testing method that nobody can predict the results. so, of course we must have repeatable tests. >> commissioner northrop come to you have an opinion on that as well clacks >> i have not participated in the atv because i have a conflict of interest with my husband's company. >> thank you. madame chair, i will see the minetti and a half i have left to my colleagues. >> we thank you very much to recognize mr. harbert for five minutes. >> thank you, madam share and each of the commissioners, thank you for your time, your service. chairman tannin mom asked to review questions. i was certainly pleased to read your op-ed in the hill last week wher

doctor nela richardson, a former economist at the cftc. i have watched her grow other economists and it makes me very scared because i'm not an economist, and i need to keep it in a language that we can all understand. congressman mark kennedy from minnesota, we won't ask you about governor pawlenty's overall thoughts, but the exciting clear before government and in business school,, also, he did some nma. we might be able to get him to talk about the opposition of hÄagen-dazs. and doctor david sicilia. a historian at the university of maryland. we really want his overall pick up where we are historically in terms of the jobless rate from economic growth, just where we are at. finally, senator larry pressler from south dakota. chairman of the commerce committee as well as served on finance, especially as we talk about that prospect for individual tax return and corporate tax reform. i know you probably know what a lot of loopholes are. to start off, we will talk with doctor david sicilia. thank you very much. >> delighted to be here, thank

significantly funding increases for regulatory agencies to maintain fair and competitive markets,, the cftc, the administration has fought back to the rules of the game have been strengthened, but the referees need to make sure those rules are followed, and to make sure there is a fair -- i just want to say you have got to be able to play by the rules, and we are not doing that right now. the national farmers union continues to support strong actions to address the cause and consequences of climate change. we are the original stewards of land, farmers and ranchers understand that the climate system, which will negatively affect operations over the past several years we have experienced the increasing drought, wildfires, and other evidence of climate change. the national farmers union supports a mandatory carbon emissions cap and trade system to reduce greenhouse gas emissions. it holds tremendous promise for our country, economic incentives as well as carbon offsets which encourage farmers and ranchers to adopt resource-conserving production practices, thus engaging in future and protecting