mr. fitzpatrick is recognize. >> mr. steenkamp, on sunday, october 30th did you instruct anybody at mf global to hold off on contacting regulators about mf global's segregated deficiency? >> i have no memory of instructing anyone to hold off. >> you have no memory of instructing anybody? miss serwinski, you state on page 3 of your testimony that on saturday i was initially told desegregation and secured statement from friday showed the firm to be undersegregated. who told you that? >> someone on my staff. i don't know who the person was but someone on my staff. >> you need to pull the microphone closer. >> someone on my staff. >> who is that? >> i don't recall what was the regulatory capital controller or the controller. >> it would be a pretty significant piece of information you received the day you returned back from your vacation. correct? you don't remember who told you you had a significant deficiency? >> originally when the calculation was done on saturday morning it showed a deficiency. my department was assured

mr. fitzpatrick, for one minute. >> thank you, mr. chairman.ere we are in hearing three of a series of hearings investigating the facts surrounding the collapse of mf global. we know that throughout the week of october 24, 2011, mf global suffered a severe lack of cash that ultimately led to the firm filing bankruptcy on october 31st, and in those chaotic final days up to $1.6 billion in customer money went missing. at a time when americans already lack confidence in the financial markets, mf global provides another devastating example of how multibillion dollar securities firms can seriously impact middle class americans. like many members of committee, i've had constituents effected by this event, and that is who i am here to speak for. we owe it to customers who lost money to discover exactly what happened at mf global. but what these hearings are also designed to do is to provide insight into our financial markets and the regulatory regimes designed to protect them. the american people expect us to hold wrong doers expect bl and to protect

mr. fitzpatrick, for five minutes. mr. fitzpatrick: thank you for letting me rise today to honor tom heble who on april 19 will receive the heritage conservency 2012 business conservation award. he's been part of the land and historic preservation mission for over 10 years and all in bucks county appreciate his efforts. upon graduating from penn state university tom worked his way up to become manager of a small landscaping contracting company called royier nurseries in 1981. with hard work and dedication, tom helped the little company expand by adding a garden shop, two hoop style green houses, a gravel parking lot. tom acquired ownership of the business in 1993 and changed the name to bucks country gardens. with innovative craftsmanship, the business rapidly expanded and many claimed it to be the best garden center in bucks county. today the garden center totals approximately 24,000 square feet of enclosed space and it occupies nearly seven acres. it is home to a full service lifestyle center and a landscape design firm.

mr. fitzpatrick, vice-chairman of the the committee. >> thank you, mr. chairman. mr.stockton, you just indicated the break the glass land was a board request it was anybody within the organization that had any concerns communicating with the board concerns? >> i'm sorry, i didn't hear the question. >> you indicated generation of this document, break the glass around october board request. did that come from within the organization at all? >> to the best of my understanding, it came from -- >> directly from the board. you indicated you didn't spend much time in the trance station -- transition with mr. rose and. do you think anytime? how much time did you spend? >> yes. michael and i spent an hour together, two, three, four weeks into my initial, when i first arrived. and michael was helpful in the transition as well with the series, including me on a series of e-mails that i vaguely remembered receiving, but i couldn't speak to exactly -- >> mr. roseman indicate his concern about the risk in excess of $2 billion of sovereign debt? >> we, as a general matter, during th