ms. ferber? >> i'm cooperating with the department of justice and am scheduled to meet with them on april 6th. >> okay. have any of you been offered any immunity? >> no. >> let the record show you've all said no. you indicated that the investors shootings their money back. in one way or another you've intimated that. ms. ferber what do you think the odds are for the investors to get their money back? >> i really have no basis to answer that -- that's really up to the specific trustee. >> ms. serwinski? >> i don't know. it depends on whether or not the people -- >> mr. steenkamp? >> sir, it's still too early in the bankruptcy process but that's why we're there trying to work and maximize it. >> who do you think is most at fault for investors losing money from an account that was supposed to be segregated? mr. steenkamp? >> sir, because i don't know what actually happened, it's -- it's hard to answer that question. >> okay, ms. serwinski? >> can you repeat the question, sir? >> ms. ferber? >> obvio

ms. ferber?>> i'm cooperating with the department of justice and i'm scheduled to meet with them on april 6. >> have any of you been offered any -- [inaudible] let the record show all three said no. you thought the investor should get their money back in one way or another come you intimated that but what do you think the odds are for the investors to get their money back? >> i really have, we have no basis to answer that. >> ms. serwinski? >> i know. depends on whether -- >> mr. steenkamp? >> you served, the bankruptcy process, that is why we are trying to work and maximize.

ms. ferber testify earlier today, she and her deputy had concerns about the scope of the letter. we now read the letter as they requested. as ms. ferber also confirmed earlier during this hearing, we were told that an arab version of the letter would be signed. although belinda was ultimately not signed, that weekend before mf global filed for bankruptcy, we had been given clear and credible assurances that the transfers were lawful. i would like to thank the committee for the opportunity to share with our perspective on this matter and i am happy to answer any questions you may have. >> thank you, you are recognized. >> thank you, mr. chairman. my name is dan roth and i am the president of the national futures association. for the longest time, decades and decades, the futures industry had and impeccable reputation and a well-deserved reputation for integrity. optically, the controversy surrounding mf global has dealt a blow and all of us need to be thinking about the types of regulatory changes we can make to try to prevent this kind of occurrence from ever happening again. whe

ms. ferber and her deputy who gave me oral assurances that they knew the rules. they were in compliance with the rules and when a revised the letter. referred to the two transfers i had concerns about. that the letter would be signed. >> one more question. on october 29th mr. corzine said that j. p. morgan was a possible buyer of mf global. is that true? >> there was some discussion of j. p. morgan about evaluating whether pieces of the mf global business might be attractive to us and after an evaluation we decided it wasn't a good busine business. >> thank you. mr. roth. congress passed the dodd-frank bill. with more rules and regulations are an adequate substitute for enforcing existing laws. right now the cftc is writing new rules at a furious pace but in the case of mf global they failed to and force the most basic of rules that monitor commodities accounts. in your opinion, how do the new rules and regulations written by the cftc benefit producers of whirl areas that in many cases rely on small banks for credit? >> the expression is above my pay grade. >> ca

ms. ferber. >> obviously there was a terrible failure here of some kind but what it was i don't know since the trustee has controlled the investigation and all the information since october 31. >> a good analogy is a gamblers at a casino and if the casino does not provide more credit once a gamblers chips are gone yes to stop playing. he can't just return the table and take somebody else's chips. if he did, he would be in handcuffs quicker than you could say segregated accounts. isn't that however in essence what happened at mf global? >> i don't know what happened, sir. >> ms. suransky? >> i don't know. >> ms. ferber? >> i don't know. >> to be the experts that a company decides mf lovell, the scope of an f. global there is sure a hell of a lot that you guys don't know.