mr. phil trupp to the podium. [applause] >> hello, everybody. i want to first apologize for having to sit down. i am falling apart and can't stand up so i am sitting down. i want to thank danny for that fantastic intro. thank you very much. i appreciate that. i want to thank carol emma crosby who arranged this share and my lovely microphone and also jean taft who was instrumental in bringing me to this tend named for the great james michener of whom i am quite fund. and i would like to introduce you to a very interesting wall street event known as the auction rate scandal. auction rate securities scandal. before there was bernie madoff, before the mortgage fraud, before the september of 2008 melt down, there was the auction rate securities scandal. the auction rate securities scandal was the biggest scandal, the biggest fraud that wall street ever perpetuated up until that time. essentially it was a market fund just like your ordinary money market fund you find in debate or at your broker's. it was sold as completely safe, no problem, as good as

mr. phil trupp to the podium. [applause] >> hello, everybody. i want to first apologize for having to sit down. i'm falling apart a can't stand up, so i'm sitting down. i want to thank danny for that fantastic intrough. thank you very much. i appreciate that. i want to thank carolyn crosby who arranged this lovely chair and microphone, and also gene who was instrumental in bringing me to this tent and i would like to introduce you to a very interesting wall street event known as the auction rate scandal, auction rate security scandal. before there was madoff, the mortgage fraud, before the 2008 meltdown, there was the auction rate security scandal. the auction rate security scandal was the biggest scandal, the biggest fraud that wall street had ever perpetuated up until that time. essentially, it was a money market fund, just like your ordinary money market fund you find at the bank or at your brokers, and it was sold as completely safe, no problem, good as treasury bonds, you'll love it. it takes you right to heaven until it didn't, and when it