mr. steenkamp. speech airman nuegebauer, rank member -- >> i want to ask you to pull back that back closer to you and ask whoever is in charge of sound in the building to see if we can turn these mics up just a little bit. i'm having a difficult time hearing and so are the other panels. >> chairman nuegebauer, thank you for the opportunity to make this brief statement. my name is henri steenkamp and i'm the chief financial officer of mf global holdings limited a position i've held since april april 2011. let me say at the outset that i am deeply saddened, upset and frustrated that money belonging to mf global inc.'s customers has not been returned in full. i know however that my reaction cannot be compared to those people who are suffering with this issue. along with certain other senior executives of mf global holdings limited i have remained at my post wallowing the bankruptcy filing and working diligently with the chapter 11 trustee to do what i can to maximize the value of the firm for all inter

mr. steenkamp? >> that's a critical objective of the firm. >> right, so this is a central core responsibility. this isn't some esoteric rule this isn't some, you know, accounting error. this is central. i mean, this goes to the very trust that your firm relies upon and that the whole market relies upon in order to function. and we had $1.6 billion of customer money take a walk and none of you know anything about it? none of you are aware of it. this is not a small amount of money. $1.6 billion in money that was entrusted to you and that the whole reason for a segregated account is to protect the clients' money. it's absolutely disgraceful -- it is utterly disgraceful what has happened here. and it's disgraceful that you sit there and you say, we knew nothing about it. i was on vacation. i was in chicago. it was in new york. i was doing the global thing. it's not believable, i got to tell you. it's not believable at all up here. it is utterly disgraceful. it's disgraceful not only for mf global but i

mr. steenkamp i want to go back to something that's kind of -- are you familiar with mr. rosen and mr. stockman? >> they were the chief risk officers. >> were you aware both of those made recommendations that the maturities in the foreign sovereign debt were a potential risk to the company? >> i became a cfo in april, but i was aware there were many discussions between the board and mr. karzai and the risk officers around risk limits. >> are you aware of a document called a break the glass that was put together by your firm? who prepared the document? >> there was a working group put together. they were members of treasury, members of finance, members of risk, treasury because that was like a scenario analysis document so it requires the input. >> did you participate in not? that was when that you put that document to get there? >> the original request was made in august i believe by the board, and was completed when? >> was presented to the board about the middle of october. >> is it ironic that you put together the break the glass scenario and senate 14 days before you declare bankru

mr. steenkamp is saying that is not my ideal and i don't much care if they were doing that. surely there was some sequence that somebody was supposed to save the place is on fire. you are saying that never rose to your attention, that was not really your concern. at what point would you be concerned with missing customer accounts? >> i would be concerned with any missing customer funds. >> she says that we have dipped in and don't have it collateralized and that was when they and thursday, wednesday or thursday became evident. >> excuse me. i don't believe i said that. the firm was in regulatory compliance on wednesday. >> you say we did all saturday night. we did it all -- you say there's no buildup over time? >> for i am saying the firm is in regulatory compliance with the segregated and secured rules until i was aware on sunday night that we were not in compliance on friday. >> so -- thanks. -- the last one. >> thank you, mr. chairman. i appreciate you trying to help us unravel some of this. you are the only one who has answered questions be on yes or no or i don't know.

mr steenkamp said that his lawyers had been in contact with he had never personally never been questioned right was ferber's admission was going to be questionable april sixth by the d.o.j. that's right this is an event that happened on october thirty one a billion dollars goes missing and you don't you don't question the top executives in the company you know if i steal one of these chairs that we're sitting on here today i'll be in d.c. lockup in about five minutes being interrogated a billion dollars disappears and the head of a company who were clearly involved in the decisions that caused this to happen aren't interrogated to me that smacks of if not cover up a lack of desire to really get to a rapid conclusion. into this. one can attribute political motives to that because of the corps and obama connection. because of the cronyism that we talked about before without i don't have no proof of that the obama team doesn't come to me to consult on the campaign trail you know you have their presenting up to last they would come to but i think certainly it's and it smells of a lack of desi

mr. steenkamp? >> senator because i don't know what actually happened is hard to answer that question. >> ms. serwinski? >> could you are repeat the question sir? >> ms. ferber. >> obviously there was a terrible failure here of some kind but what it was i don't know since the trustee has controlled the investigation and all the information since october 31. >> a good analogy is a gamblers at a casino and if the casino does not provide more credit once a gamblers chips are gone yes to stop playing. he can't just return the table and take somebody else's chips. if he did, he would be in handcuffs quicker than you could say segregated accounts. isn't that however in essence what happened at mf global? >> i don't know what happened, sir. >> ms. suransky? >> i don't know. >> ms. ferber? >> i don't know. >> to be the experts that a company decides mf lovell, the scope of an f. global there is sure a hell of a lot that you guys don't know.