exactly and the day before the bankruptcy laurie ferber who is m.f. global's general counsel sent e-mails to the f.c.c. m a c s d c and they came and there was a significant shortfall in the customer segregated accounts yet the next day november first in bankruptcy court and the locals bankruptcy council cans them on ad and went before the judge and misrepresented saying that there were no. he specifically said there was no shortfall in the broker dealer and then if the f.t.c. attorney stood up shortly after that nobody corrected this and there were headlines out that day that said the money that there's no shortfall and this was one of the events that led the futures industry into a shortfall after it was discovered that there was a shortfall so i mean you started out with the customer commodity customer coalition you helped found it to deal with the fact that there was nobody looking out for the futures industry at that time and what was it like in those early days i mean it was absolutely. i'm a licensed attorney but i've never practiced a day of a

a treasure she wasn't even an executive why is she in this why are we not seem to people like laurie ferber who is general counsel named in the suit. yeah not even the treasurer of the assistant treasurer i drove around of global i mean it's pretty mind blowing to read that complaint and read the trustees reports and see all the things that the cio wonderfully said and did i mean it looks like she kind of took it upon herself to try to play savior of the company and. you don't want to bring anybody else down with her but. i mean the appears that she clearly knew what she was doing was wrong and then we go in and be her and of course i both knew that they were transferring money out. and the question is the plausibly could have belong to the company itself on the global because m.f. global kept its own money in the customer accounts but it seems as though based on the dialogue that we have now that they knew it was actually belonging to the customers is that your understanding yet and i think that when you say plausible we're talking about plausible deniability here i mean m.f. global made a

exactly and the day before the bankruptcy laurie ferber who is m.f. global's general counsel sent e-mails to the f.t.c. m a c s d c indicating that there was a significant shortfall in the customer segregated accounts yet the next day november first in bankruptcy court and the locals bankruptcy council cans them on ad and went before the judge and misrepresented saying that there were no. he specifically said there was no shortfall in the broker dealer and then if the f.t.c. attorney stood up shortly after that nobody corrected this and they were headlines out that day that said the money that there's no shortfall and this was one of the events that led the futures industry into a shortfall after it was discovered that there was a shortfall so i mean you started out with the customer commodity customer coalition you helped found it to deal with the fact that there was nobody looking out for the futures industry at that time and what was it like in those early days i mean it was actually. i'm a licensed attorney but i've never practiced a day of all my

called a comfort letter that said this was not customer money and the person handling that was laurie ferber she's an ex goldman sachs employee who at the time was the general counsel of and that's global and she kind of hemmed and hawed over the weekend as i understand about that letter and it was never signed and i'm just wondering why are we seeing any charges against her i think that's a good question and quite frankly i think from day one for bernstein champ who is the oh and right level have really gotten in explicable path. i believe they were all paid by louis freeh who is the trustee for the chapter eleven eleven and three cited. privilege and. general already we're investigating some documents on their behalf even though these these two players were right in the middle of this whole. fraud and. high level executives let's talk about them basically because of the bankruptcy structure maybe you can talk about this a little the foxes were allowed to rule the hen house in those early days i mean can you talk about the problems with chapter eleven versus seven. sure chapter eleven is kn