mr. hutton to answer that question. thank you. >> mr. hutton, you should answer it first. i'm sure you've got a good story. >> well, i will tell you, it was walt disney's television show davy crockett starring fez parker. i didn't see the show. i was actually in england at the time but i got the comic book and i read that comic book. it truly -- it sounds corny but it inspired my whole love of history and i went from there to custer and just kept going following the donovan road. and i decided i'd become a historian 'cause i just loved history so much. and it's been a great choice. it's been a great ride. a great profession. >> well, for me it was tarzan. [laughter] >> well, that was the first -- when i was sick one day when i was 9 years old my mother bought me tarzan and, boom, over the next two or three years i read every book that existed and read nothing but fantasy and science fiction for the next several years until i was about 16. now i'm allergic to elves, dragons, wizards, all that kind of thing. but that got me hooked. i don't know how it led here but i found i

hutton, solomon brothers, and more. while the voluntary program, meant to give early warning, it was not capable of preventing them because a new government regulation could do that. mr. chairman, an important lesson from this is that the concept of too big to fail must be eliminated. along with the regulatory uncertainties that follow from it. the freedom to fail, which is a cornerstone of risk taking in a well functioning market, has to be restored. i would add to this that transparency is a powerful antidote for much that happened in the financial crisis. that is no more jurors than in the over-the-counter derivatives market. -- that is no more true than in the over-the-counter derivatives market. >> thank you for the invitation to testify about the sec proxy regulation of investment banks in the shadow banking system. -- about the sec's regulation. from september to a dozen sex until april to thousand nine, i was a director [inaudible] we aim to ensure that in the event of a firm's failure, they retain their cash and securities held at the firm. some broker-dealers are subsidiaries of holding companies. these are complex firms with even hundreds or thousands of s