mr. berkovitz? >> i would add that typically there is consultation and coordination between the two agencies on these types of matters, if they are not something that would rate -- raise red flags though it would not be any indication. >> was any communications into secretary geithner or the fsoc? >> i couldn't answer that full but i'm not aware of any. throughout this period that you are referring to, in the review of the reports that we had and the information we obtained from our review of mf global, as was looking at the report from the self regulatory organization, we have not received any red flags that would be a major issue at that time the mac the dodd-frank statute, one of the objectives of the fsoc is to facilitate information sharing and coordination among member agencies. there were obvious problems at mf global. was fsoc doing its job here, do you know, mr. berkovitz? >> from -- i would say as again during this time period, based on the information which entrance of the money and the s

mr. berkovitz? >> i can't really comment on where the money, where the transactions wait passionate may have gone. where try to trace these. were trying to get the money back. >> do you think would be reasonable for customers to expect some clawback starting with mr. baxter? >> again, there are protections in law for transferees who are bona fide purchasers, and have no knowledge that the property they are acquiring has in any way tainted in title or otherwise. and i don't know the facts, congressman, as to what -- >> the purchase had been made after everyone was aware, you got $1.2 billion missing. i mean, i think even the most extraordinarily naÏve person would say there's $1.2 billion missing here somewhere, i wonder why i'm getting such a bargain on this. >> and perhaps mr. kobak is more -- >> all right. >> we have worked in a couple bankruptcy together. oftentimes it's important to liquefy some assets, particularly if the market is declining and those assets are losing value. so you shouldn't ju

mr. berkovitz?e information that we had in terms of the segregation accounts, that with respect to the issues that we looked at such as mf global, professional customer funds, daily reports that we were getting, the monthly report that we had and that we have been obtaining from the self-regulatory organizations, from cme to not raise any red flags regarding the treatment of customer funds. so in the normal course of business as two to red flags wouldn't necessarily -- would have been notified of. >> if i could asks her, i was thinking of the earlier time period and i think you have started your question. when it became clear that there were serious concerns with mf global, there was a lot of discussion among various regulators. we were talking with the cftc, the federal reserve bank of new york, the treasury department during that week about and leading into the weekend about what was going on. fsoc has been talking about, and i don't want to speak for fsoc -- >> are you a board member of fsoc? >>