. >> thank you very much, dr. hu. mr. griffin, please. >> chairman reed. senator bunting, members of the committee. i am kenneth griffin, president and ceo of citadel investment group and i appreciate the opportunity to testify and share our views regarding effective over sight of the otc derivatives market. the appropriate oversight is of paramount importance to at the safety and soundness of our financial system. the events of recent months have made it abundantly clear that large financial firms are not too big to fail but, rather, too interconnected to fail. the idea that if extreme measures must be taken to prevent the failure of a single firm such as bear stearns, which had just over $10 billion of shareholders equity, and a few thousand employees drives home the point that greater regulation of our financial markets is warranted. derivatives serve an incredibly important role in our financial markets, current rules exceed several hundred trillion dollars and reflect the importance role of these risk transference contracts. the commercial justificati

[applause] >> chairman hu, tell the truth about tiananmen square. [applause] >> thank you, dr. edwards. speak the truth. and speaking of the truth, i'm very honored to bring to the podium mr. shu wil lee. he is a distinguished professor at brown university. i got the pleasure of his hospitality many times down there in connecticut, a fine gentleman about a -- with a beautiful smile and a beautiful wife, ok, who spent 16 years in a chinese communist prison for no reason than speaking the truth. dr. shu win lee. >> translating for mr. shu win lee is his assistant. >> good morning, ladies and gentlemen. [speaking in chinese] [speaking in chinese] >> this year a fellow in new jersey wrote me an email asking me for my thoughts regarding the tiananmen massacre and the unknown rebels tankmen. the young men who bravely stood before the tanks in tiananmen in 1989. her email moved me tremendously. it has already been 20 years, and yet this young american girl was still concerned about the tiananmen square protests that happened 20 years ago in china, a land thousands of miles away from w