goldman sachs at one time. both left the investment bank in the late 1990s. the nation's top securities regulator, mary shapiro, told n.b.r. today that regulators are not to blame for the collapse of m.f. global. she said the securities and exchange commission and other regulators are investigating what exactly went wrong at the firm. schapiro was speaking at a securities industry conference, where she said the sec is looking at revamping money market funds. one option is to let the value of money market funds fluctuate instead of being fixed at $1 a share. it's a controversial idea, because safety and stability are the reasons most people buy money market mutual funds. erika miller talked with shapiro about money market reform, but first she asked her to explain the role of regulators in the demise of m.f. global. >> ms global's failure is a result of their decisions, investment decisions, bad decisions and not the result of regulatory 235i8ure in my view. >> so it's solely the responsibility of leadership say, the cree jon corzine. >> sure they need to manage their risk, they need to follow the rules