well if mr katz will allow me the international committee of the red cross last june. see i declare to the siege in the blockade is illegal numerous un and of the bodies have declared that it's illegal and of course israeli officials themselves have stated that the pup us as collected collective punishment i can read you bait him quotes from israeli foreign minister lieberman among others saying the puppets for example is to apply political pressure to force palestinians to release the single israeli prisoner of war held in the gaza strip which understandable that israel might want him freed but it's absolutely illegal under international law to apply collective punishment to a civilian population in order to free prisoners of war but that's what israeli officials themselves explain that doing and these are crimes by the way punishable under international law under the sudden fourth geneva conventions so we don't need to even wait for what mr gun is so other u.n. officials have to say have to say we can just listen to israeli officials like leave them and explaining th

mr. katz is also a member of eurex. his positions at the international securities and exchange and direct edge make mr. katz the executive most intimately familiar with deutsche boerse's current american operations. each witness has written statements, which will be entered into the record in their entirety. and i ask that each witness summarize his or her testimony in five minutes to help you stay within that time limit there is a timing light on your table. when it switches to yellow you will have one minute to complete your testimony. when it turns red, it signals that your time is up. and we'll start with mr. liebowitz. welcome. >> good afternoon, chairman. members of the subcommittee. on behalf of our company and shareholders i would like to thank you for giving me the opportunity to testify today. for 219 years we've been one of the world's premier companies for trade, commerce and free markets. we're committed to maintaining the iconic stature and that's why i'm here today to talk about

. >> and mr. katz, do you have any comment concerning the lack of or growth of jobs? >> well i agree with mr. lebowitz, that the, the prospects for growth as a result of this company are stronger and have a higher probability than the prospects of a loss of jobs. there are great opportunities to build businesses and innovate. and as we have an opportunity to join with nyse urex, that will even further come to light and develop as we begin do make investments into those new businesses. so i believe that over time, we will continue to grow the number of employees. and in the u.s., and that will be positive for the u.s. it will be specifically positive for new york, where these businesses will be based. >> and mr. katz, and then please mr. lebowitz, if you would follow up. do you see any negative impact in the united states on other industry, on other areas of job creation? do you see a negative impact where this would create a loss of jobs in the united states? outside your predicted growth? >> we have spent a great deal of time analyzing the combination of these two com

space of effective control means let's not be patient but if i could address something which mr katz said earlier about why not bring things in through rougher i'm afraid this is yet another example of his evidence free mode of journalism completely lacking any acquaintance with the situation on the ground i've actually been through the rough across it's one small road going north it's one small road going south if you like need to feed seven hundred fifty thousand people each day it is hopelessly inadequate that is why we say to israel allow us to do our humanitarian work. critics say the u.s. state of michigan is sacrificing democracy to find a way out of its current economic woes an elected financial managers have taken the place of elected officials and given a free hand to make decisions our teams were in a port takes over. the american state known for its great lakes has seen the middle class fade and automotive industry crumble in michigan's poor city benton harbor more than a quarter citizens are unemployed and elected officials have lost all authority to govern as an unprece

mr. chairman. supervisor avalos: we are adjourned. thank you. is called to order. roll call. commissioner crowley: present. katz here. >> in two, approval of minutes for the may 20, 2011 meeting. commissioner brandon: all those in favor? and the post? minutes are approved. >> item 3, public, an executive session. commissioner brandon: any, on executive session? >> >> second. >> all in favor? move not to disclose any of the items discussed in executive session. >> second. >> all in favor? >> aye. >> item six, please be advised that the ringing of and use of cell phones, pagers, and similar sound-producing electronic devices are prohibited at this meeting. the chair may order the removal from the meeting room of any persons responsible for the ringing or use of a cell phone, pager, or similar sound- producing electronic device. be advised that a member of the public has a to 3 minutes to make pertinent public comments on each agenda item unless the port commission adopts a shorter time on any item. 7a, executive directors report. >> good afternoon, president brandon, vice-president lazarus. welcome to the port. w

mr. katz is also a member of eurex. his positions at the international securities and exchange and direct edge make mr. katz the executive most intimately familiar with deutsche boerse's current american operations. each witness has written statements, which will be entered into the record in their entirety. and i ask that each witness summarize his or her testimony in five minutes to help you stay within that time limit there is a timing light on your table. when it switches to yellow you will have one minute to complete your testimony. when it turns red, it signals that your time is up. and we'll start with mr. liebowitz. welcome. >> good afternoon, chairman. members of the subcommittee. on behalf of our company and shareholders i would like to thank you for giving me the opportunity to testify today. for 219 years we've been one of the world's premier companies for trade, commerce and free markets. we're committed to maintaining the iconic stature and that's why i'm here today to talk about