the chair now recognizes the gentleman from massachusetts, mr. lynch, for five minutes. >> t mr. chairman. thank you, mr. chairman, for your willingness to help this committee with its work. in your remarks, i think, at page 4, you cited the concern regarding the downside risk to the economic outlook that's due to stressors in the european banking system and the eurozone in general. and i note that recently there was an agreement between the greek government and private bond holders where the greek government will.i. impose a hait of a little over 50% on those bond holders. i'm trying to understand the agreement itself. it looks like there is a collective action clause that says once a certain amount of the old bonds are redeemed, then the government will impose a collective haircut across all of those bond holders. and there is a question here -- well, i guess you could say that charitably, at least, there is a default here. and i guess there is a controlled default. and what remains unclear is whether these bond swaps will constitute a creditor vent for some of our vault protec

camano and mr. lynch are frustrated that nobody had the authority to move it and nobody is against the law. now we can't really declare this is reassuring to the american people who might want to know that the money they're putting in the safekeeping of people like you all is not quite in safekeeping after all. i think it sounds a loud enough message that you can't find the legality or the illegality. i think that is the message that is going out today. >> shame on you. thank you. i yield back. >> now the gentleman from california ms. waters is recognized for five minutes. >> thank you very much, mr. chairman. i was talking here about some of the accounts that i've read in the newspaper there has been an attempt to describe, customer accounts as opposed to other accounts, and i suppose. estimate it was kept in the same account as client money, and of course one said the client money had been taken out and put in another account, and then the money was taken from that account to pay overdraft, and when he

mr. lynch you are recognized for five minutes. >> thank you mr. chairman. ms.ferber how important is it for mf global to protect client funds? >> is a critical obligation. >> ms. serwinski? same question, how important is it that you protect client funds? is that a peripheral responsibility for how would you classify it? >> very critical and importance. >> mr. steenkamp? >> it's a critical objective. >> solicits a central core responsibility. this is in some esoteric rule. this is in some accounting error. this is central. this goes to the very trust that your firm relies upon and that the whole market relies upon in order to function and we have $1.6 billion of customer money take a walk and none of you know anything about it. been if you you of you are aware of it. this is not a small amount of money, $1.6 billion, money that was entrusted to you from the whole reason for a segregated account is to protect the clients money. it's absolutely disgraceful, utterly disgraceful, what has happened here. and it's disgraceful that you sit there and you say we knew no

. >> i think the chairman and now the gentleman, mr. lynch, is recognized for two minutes. >> thank you, mr. chairman. i would also like to thank the witnesses here today for helping this committee with its work. mr. chairman, i believe that in many ways you should be given credit for the attention you have given to the collapse of mf global. i think we can learn many lessons from the collapse of mf global about the accounting treatment of certain risky investments, about the ability of regulators to meaningfully oversee financial institutions, and about what we can do to make your regulars have the tools to prevent a situation like this from occurring in the future. we have explored these issues in some previous hearings and i hope we have an opportunity to revisit them today. however, i must raise an issue of process with you today that has been mentioned by my ranking member, mr. capuano, i believe that your site, you and your staff have been unacceptably slow in sharing documents with our offices and other member's on this side of the dis

mr. stephen lynch. the chair: the gentleman from massachusetts is recognized for a minute. mr. lynch: i thank the gentleman for yielding. the gentleman from minnesota has a very good amendment here. here's what we're talking about. this would strengthen title 1 by keeping in place the requirement that all public companies, including emerging growth companies, hold a nonbinding shareholder vote on executive compensation and golden parachutes once every three years. one vote. they're having a meeting anyway. these are the companies that we know the least about. we support the underlying bill, but we think that requiring a nonbinding vote once every three years is good for the shareholders. the question is, will this inhibit the operation of these emerging growth companies? no, it will not. and i think the gentleman from minnesota has a great amendment here. these are the companies we know the least about. they have the shortest track record. these shareholders and investors are taking a leap of faith, and this would allow them to have a vote on the c.e.o. salaries and also golden

i'm a little disappointed with mr. lynch comments on the whole subject.seems to be portraying the information broadly and inaccurately. my understanding is a hate crime is a hate crime because the motivation of the crime is itself the hateful nature of it in other words you target someone that some gay or lesbian or someone that's black or whatever because of the particular characteristics that puts them in a group usually a minority so that is the impetus for the crime. it's not that you are robbing a black person said because he is likelier line to make it a hate crime also commits that you are going after that person because of their minority status. that's what i understand it to be. >> host: let me take that point and have him respond to it. >> guest: the caller has put her finger on why people want the law is and why it was to have them enacted but there's lots of controversy over what should be included in the law and what should not be. for example last year there was an awful violent crime at los angeles baseball stadium. i don't know if you reme

mr. lynch: and serving as parliamentarian in this body takes a fair amount of skill and an enormous amount of patience. it is a time -- at times challenging and it is that skill and ability and patience that john provides us as members and that we rely on to also allow the house to function in an orderly manner and i thank all the members here today -- and i think all the members here today know that the advice we receive and the guidance we receive from john sullivan as our parliamentarian has given an unbiased and nonpartisan manner. following in the footsteps of his mentor, former house parliamentarian charlie johnson, john has served as the parliamentarian to both democrat and republican houses. and i think it's a tribute to john's integrity and trustworthyness that he was appointed by three speakers of the house, speaker dennis hastert, a republican, speaker nancy pelosi, a democrat, and now speaker john boehner, again a republican. and a time period when we can just about agree on nothing

mr. lynch's commentary on this subject. he seems to be bring the information somewhat broadly and inaccurately. my understanding is a hate crime is a hate crime because the motivation is the hateful nature of it. in other words, you target someone who is gay, for someone who is a lesbian, or someone who is black, or what ever, because of that particular characteristic. usually, a minority. we will say, well, because he is black, we will make it a hate crime also, but it is because they are going after that person because of their minority status. that is so i understand it to be. host: let me take that point and have tim lynch respond to it. guest: the caller has put a finger on why people wanted these laws. there's a lot of controversy over what should be included in the law and what should not be. for example, last year there was an awfully of violent crime at a loss angeles baseball game one year ago. there was a giant fan walking to the parking lot. he had his a giant a jersey on. and apparently, this rivalry is so inte

mr. bob lynch, in which he testified work need congress to streamline the facilities, both for reclamation an nonfederal facilities this will open up this ewest to a whole new product line of small p facilities that can tap the energy in flowing water that's currently being wasted. mr. gosar: if the red tape can be cut down, the cost of these units can be aportized. they have no impact other than to provide clean hydropow for the small quantity questionities, all over the united states. the second person ill like to highlight is mr. grant ward, who retchts one of these districts, in which he testified how the permitting cost, $50,000 for every small conduit hydropower unit in his area, are more expensive than the actual ince lage of $20,000. here we hear from ms. barbara lifrpbl, representing the irrigation an electrical irrigation of arizona, someone with years of expertise in this this area, as well as mr. grant ward, who has experience on the ground level, with their testimony. i rise in opposition. i yield back. the chair: the question is on the amendment offered by the gentlewoman fro

lynching legislation. white in frustration came to the house floor and delivered a speech in which he said this, mr. chairman is the negro's temporary farewell to the american congress. let me say phoenix let people rise up and come again sunday. during the 28 year absence of african-americans from congress, civil-rights legislation for african-americans in the south and the north was all but ignored. washington was a segregated city. the federal government was segregated by custom if not by statute. there were a few white members of congress who carry the mantle of racial justice confronting their colleagues on issues that were important to black americans. the naacp which was founded in 1909 and its executive secretary, james johnson, worked closely with a few members in the house to secure passage of an anti binging bill in the 1920s but that bill died in the senate. this gentleman behind me was one of the advocates for african-americans and a true character. george white from north carolina had introduced legislation originally that would have punished southern state for disenfranchising blacks.