mr. james w. giddens is a trustee for the securities investor protection act of mf global incorporated. lewis j. freeh is a trustee from mf global holdings, honorable gerald summers is commissioner for the commodity futures trading commission. mr. robert cooke is director of the division of trading and markets for the u.s. securities and exchange commission. mr. richard ketchum is chairman he is chairman and ceo of the financial industry regulatory authority. he is an executive chairman of the chicago mercantile exchange. i would like to ask witnesses to keep remarks to five minutes. your full written statements will be included in the areaing record. you may begin your testimony. chairman johnson, ranking member shelby and members of the committee. i take seriously a trustee of mf global links. i would like to provide a copy and of course input from regulators a lack of supervision and inattention to maintaining segregation of customer accounts caused the shortfall of customer funds. this is imposing personal liability on senior officers and directors when there is a regulatory shortfa

mr. james w. giddens is the trustee for the curtis investor -- securities investor protection act of mf global incorporated. the honorable louis freeh is a trustee from mf global holdings. the honorable jill sommers is a commissioner for the commodities futures trading commission. mr. robert cook is the director of the division of trading and markets for the u.s. securities and exchange commission. mr. richard -- is chairman and ceo of the financial regulatory industry authority. mr. terence a. duffy is the executive chairman of the chicago mercantile exchange. i thank all of you, again, for being here today. i would like to ask the witnesses to, please, keep your remarks to five minutes, your full written statements will be included in the hearing record. mr. giddens, you may begin your testimony. >> chairman johnson, ranking member shelby and members of the committee, thank you for inviting me to testify. i take seriously my duty as the trustee of mf global inc., to treat commodities securities customer