but you're dealing with knight, citudel and they are representing the retail clients.re all looking at you, nasdaq and they are saying, hey, i got screwed as a result of this. >> and what we can do is do the right thing that we are doing today with direct evidence with respect to how our markets work. >> they've branded themselves to the public, people identify with the nasdaq as the supermarket to the world as some people have called in the past. so they look to them to be the compensate for in this case. should they be? that's the issue that they face right now, right? >> well, you know what, the fact is that that's not a direct relationship with the retail investor. he's absolutely right. the relationship is with the wholesale brokers and they are on the hook to respond to the retail investors. and he came up with a plan that was very mured and clinical. the wholesale brokers and where the shortcomings were and that's the price that he came up with. there's a lot of debate about $40 million and whether or not that is the right number. a lot of people feel it's much

. >> like a night trading, c ic t citudel.an you take us through a bit of a time line from the last couple of weeks? because the stock, even though you had this delayed opening, it seemed stable on that friday when it first started trading until 10 till 2:00. at that time, your system released 12 million shares of facebook on to the market without confirms. this gave this illusion that there were all of these big sellers. right at that moment the price dropped from 41.60 to $35 a share. is it fair to say what happened next was partly due to nasdaq? >> let me go back on a couple of points. one is, we have a relationship with the member customers. the customers then have a relationship with the retail investors. those customer cans then know how they want to handle those customer environments, which we are not privy to. when we look at our transaction, the cross, we have to focus on the data that we can see and that's from our investor customers. with respect to what happened, a little clarification on the facts, at 11:30, the 7

you have citudel saying they lost 30 million, citi, another 20 million.umbers are adding up to more than $100 million. a lot of talk out there, hearing up to $200 million. we have a $40 million fund. it doesn't added a up. people want to know, where is this money coming from and who is getting the money? where is it going? i suspect that nasdaq is addressing this. you're going to hear from a lot of people coming out from under the rock, bill. >> we'll see what the response is as we go through this next hour. in the meantime, everybody is talking about your interview with former president clinton yesterday and his comments about what to do about the bush tax cuts. you had a chance to talk with one of president obama's top economic advisers about that, right? >> yes, i did. i spoke be with gene sperling. i attended an event here in new york with the national economic council and i was one of the questioners at the new york economic club. i asked him about the fiscal cliff. listen to this exchange, bill. you tell me if you learned anything. >> are you saying