mr. parmalee? >> i don't know about her background. >> you don't know who she is? >> i don't know specifically her background and expertise, i can't speak to that. >> okay. somebody in a position potential you feel than to have no expertise in those areas of? >> i would assume they would. >> okay. mr. cantor? >> i really don't know anything about her. >> do you know who she is? >> no, i don't. >> okay. mr. gellert? >> again, we have no contact with them. >> okay. let the record show nobody knows nothing. i just mr. cantor, in rating, inviting mf global you assume that the conduct their business in accordance with all the laws and regulations, and not that they would lose theirs -- use their customers to create accounts for the own assumption, is that correct of? >> that's correct. >> did you assume that the cftc and cme were filling their responsibility to audit and verify the proper protection of those assets? >> that's correct be back would you all have done the same? >> yes, sir. >> yes. >> did you confirm with mf auditors pricewaterhousecoopers that they verifi

mr. gregg parmalee, managing director of corporate and government ratings division, standard & poor's rating system. mr. richard cantor, chief credit officer, moody's investor services. mr. james gellert, president and chief executive officer of rapid ratings internal international inc. i want to ask the three beauty please stand and raise your right hand. [witnesses were sworn in] >> thank you. i'm going to ask now that each of you to give your opening statement, and just to let you know that your full statement, your written statement will be made a part of the record. and mr. parmelee, you're recognized for five minutes. >> thank you. mr. chairman, mr. ricci miller, good morning. my name is craig parmelee but i served as managing director and lead analytical manager for north american financial institution team at standard & poor's. i'm pleased to appear before you this morning and to discuss s&p ratings at mf global. over the course of its long history speed i'm going to ask you to do me a favor. unfortunately those microphones to pick a very good unless you nearly have your lives on tha