| 00:00:34 |
Stabenow, Debbie - U.S. Senator, [D] Michigan
VERY, VERY IMPORTANT TIME AND HEARING. AND WE'LL NOW TURN TO SENATOR BENNETT FOR HIS QUESTIONING. >> THANK YOU, MADAM CHAIR, THANK YOU FOR HOLDING THIS...
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| 00:00:54 |
Bennet, Michael - U.S. Senator, [D] Colorado
TESTIMONY, GOVERNOR AND GENTLEMEN, HAS BEEN THAT -- THAT THE CONTROLS WERE SET UP TO SEGREGATE THE FUNDS. THAT -- AND THAT YOU CERTIFIED SUCH. I'M...
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| 00:02:00 |
Corzine, Jon S. - Governor, [D] New Jersey
IF THAT HAD BEEN THE CASE TEN DAYS BEFORE THE POLICIES AND PROCEDURES WOULD HAVE SAID IT WOULD HAVE BEEN RAISED, CERTAINLY, TO I THINK EACH OF OUR OFFICES,...
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| 00:08:57 |
Johanns, Mike - U.S. Senator, [R] Nebraska
MUCH. YOU'VE HEARD THE OTHER TWO GENTLEMEN TESTIFY. IS THERE ANYTHING IN THEIR TESTIMONY THAT YOU CONSIDER NOT ACCURATE, FIRST OF ALL? >> SENATOR,...
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| 00:09:19 |
Steenkamp, Henri - Chief Financial Officer
WOULD SAY IN GENERAL IT'S ACCURATE WITH MY RECOLLECTION OF EVENTS AS DESCRIBED. ALL BE IT, AS I MENTIONED, I ONLY BECAME CFO IN APRIL. OF THIS YEAR....
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| 00:16:56 |
Nelson, Ben - U.S. Senator, [D] Nebraska
CME. RECENTLY, A MAJOR FCM WHOM WE USE, MF GLOBAL, FILED FOR BANKRUPTCY. IT GOES ON TO SAY, HOW AM I GOING TO GET MY MONEY BACK? ANOTHER ONE. DEAR...
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| 00:18:55 |
Corzine, Jon S. - Governor, [D] New Jersey
WE RAN A VERY GLOBAL ORGANIZATION WITH ONE OF OUR LARGEST CENTERS OF OPERATIONS IN LONDON, WHICH WAS AN ACTIVE PARTICIPANT IN THE EURO SOVEREIGN MARKETS...
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| 00:20:58 |
Nelson, Ben - U.S. Senator, [D] Nebraska
THE CONTROLS, OBVIOUSLY, ACROSS VARIOUS FUNCTIONS. AS GLOBAL -- >> EXCUSE ME. FOR EACH FUNCTION, DO YOU THINK THE CONTROLS WERE ADEQUATE TO DEAL WITH...
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| 00:21:11 |
Steenkamp, Henri - Chief Financial Officer
TRANSACTION? >> SENATOR, THAT'S VERY BROAD IN THE SENSE THAT YOU WOULD ALWAYS IN ORGANIZATION HAVE CONTROLS THAT THERE ARE, YOU KNOW, DEFICIENCIES OR...
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| 00:24:15 |
Hoeven, John - U.S. Senator, [R] North Dakota
BE SHORT? >> WELL, AGAIN, I WANT TO STAY AWAY FROM AS MUCH SPECULATION AS I CAN. BUT WE
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| 00:24:27 |
Corzine, Jon S. - Governor, [D] New Jersey
HAVE CUSTOMERS ALSO WITH WITHDRAWING FUNDS FROM THE FIRM. THERE ARE ALL KINDS OF TRANSACTIONS ASSOCIATED WITH THAT. AT -- THIS MOMENT IN TIME. THERE...
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| 00:33:59 |
Grassley, Charles "Chuck" E. - U.S. Senator, [R] Iowa
TOP THREE EXECUTIVES OF THE COMPANY CANNOT ANSWER BASIC QUESTIONS ABOUT WHAT HAPPENED TO THE CUSTOMER MONEY. YOUR SUPPOSED LACK OF KNOWLEDGE AS TO...
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| 00:37:16 |
Corzine, Jon S. - Governor, [D] New Jersey
CONVERSATION WITH MR. GENSLER AT ANY TIME? >> TO MY RECOLLECTION, I HAVE NOT WITH REGARD TO THE ACTIVITIES IN THE LAST TEN DAYS. I HAVE WRITTEN IN...
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| 00:40:38 |
Thune, John R. - U.S. Senator, [R] South Dakota
OF HOW THAT COULD HAPPEN WITHOUT BREAKING ANY LAWS OR EXISTING REGULATIONS? ANYBODY WANT TO TAKE A STAB AT THAT? >> SENATOR, I THINK ANYTHING THAT ANY...
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| 00:44:44 |
Corzine, Jon S. - Governor, [D] New Jersey
AND I'D HAVE TO GO BACK -- I LITERALLY WOULD HAVE TO GO BACK THROUGH THOUSANDS OF PAGES. >> IF YOU CAN'T CONFIRM THE DATE I ASSUME YOU WOULDN'T BE...
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| 00:47:28 |
Boozman, John - U.S. Senator, [R] Arkansas
WOULD BE THAT COULD TAKE PLACE UNDER THAT? >> SENATOR IDON'T KNOW WHETHER YOU WERE HERE WHEN SENATOR HARKIN
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| 00:47:43 |
Corzine, Jon S. - Governor, [D] New Jersey
GAVE AN INTRODUCTION TO HIS QUESTION TO THE FIRST PANEL. I HE THINK LIST EDED, AND I DON'T WANT TO BE REMISS IN LEAVING SOMETHING OFF THAT LIST, BUT I...
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| 00:49:00 |
Abelow, Bradley - President and Chief Operating Officer
PARTICULAR? >> I'M NOT CERTAIN WHO -- >> WHO WOULD YOU GUESS? >> SENATOR, I THINK THERE ARE TWO SEPARATE QUESTIONS. THE 125 SECURITIES, I BELIEVE, ...
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| 00:53:35 |
Stabenow, Debbie - U.S. Senator, [D] Michigan
THE TREASURY OPERATIONS ACTUALLY REPORT TO YOU THAT YOU OVERSEE THAT DEPARTMENT. IS THAT CORRECT? >> IT IS CORRECT THAT I OVERSEE OPERATIONS IN...
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| 00:54:02 |
Abelow, Bradley - President and Chief Operating Officer
WITH ALL OF THE AREAS THAT I OVERSEE, INCLUDING TREASURY, ARE TO FIRST AND FOREMOST ENSURE THAT WE HAVE APPROPRIATE, PROFESSIONAL PERSONNEL IN PLACE TO...
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| 00:57:17 |
Corzine, Jon S. - Governor, [D] New Jersey
USED AT THE FIRM. IT'S NOT -- I'M NOT AWARE OF THAT BEING SOMETHING THAT TOOK PLACE. >> MR. ABELOW? >> I AM NOT AWARE EITHER. I DIDN'T DIRECTLY ENGAGE...
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| 00:57:44 |
Abelow, Bradley - President and Chief Operating Officer
WITHIN THE CONTEXT THAT I KNOW REHYPOTHECATION, IT'S IN A STANDARD REPO, REVERSE REPO IN THE
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| 00:57:54 |
Steenkamp, Henri - Chief Financial Officer
BROKER/DEALER. >> I KNOW I HAVE A LOT MORE QUESTIONS ABOUT THIS PARTICULAR PRACTICE THAT I WANT TO MAKE SURE WE GET INTO, BUT I WONDER IF ANY OF YOU...
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| 01:01:25 |
Roberts, Pat - U.S. Senator, [R] Kansas
CUSTOMERS' MONEY AND NONE OF YOU KNOW WHERE IT WENT. AND THAT'S WHAT'S CAUSING A LOT OF QUESTIONS AROUND HERE. I WANT TO GO BACK TO MR. ABELOW AND YOU...
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| 01:02:31 |
Abelow, Bradley - President and Chief Operating Officer
NAME, WHICH I DOUBT YOU KNEW OF THE TREASURY OPS PERSON. MAYBE YOU DIDN'T OR DID. IF SOMEONE GAVE AN ORDER TO MOVE THE MONEY AROUND, WOULD KRISTI KNOW...
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| 01:06:22 |
Corzine, Jon S. - Governor, [D] New Jersey
YOU STATED YOU SOLD $1.3 BILLION IN COMMERCIAL PAPER. OVER $300 MILLION IN CORPORATE SECURITIES. FRIDAY YOU SOLD $4.5 BILLION IN U.S. TREASURIES. IS...
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| 01:09:26 |
Conrad, Kent - U.S. Senator, [D] North Dakota
SEEMS TO KNOW WHERE IT'S GONE. I THINK YOU'D AGREE IT'S A CURIOUS THING. I MEAN, I THINK SOMEBODY WATCHING ON TELEVISION FROM HOME SAY, WAIT A MINUTE....
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| 01:11:22 |
Corzine, Jon S. - Governor, [D] New Jersey
IN EITHER CHICAGO OR NEW YORK TO LONDON SAYING, HEY, THAT $170 MILLION WE SENT YOU IN A LOAN, WE NEED THAT BACK? >> SENATOR, THE ONLY THING THAT I KNOW...
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| 01:13:05 |
Abelow, Bradley - President and Chief Operating Officer
THIS WAS A HECTIC TIME. MONDAY MORNING OCTOBER 31, AND THIS IS POST DISCOVERING THAT THERE IS AN APPARENT GAP IN CLIENT SEGREGATED FUNDS. I RECALL...
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| 01:17:15 |
Johanns, Mike - U.S. Senator, [R] Nebraska
WE HAVE WORKED TOGETHER FOR A NUMBER OF YEARS. >> YOU WERE HIS CHIEF OF STAFF? >> I WAS HIS CHIEF OF STAFF WHEN HE WAS GOVERNOR OF NEW JERSEY. >>
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| 01:17:23 |
Abelow, Bradley - President and Chief Operating Officer
MR. STEELKAMP, I'VE BEEN WATCHING YOUR BODY LANGUAGE DURING THIS HEARING, AND YOU JUST SEEM LIKE THE ODD MAN OUT. YOU SEEM VERY UNCOMFORTABLE ABOUT...
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| 01:18:03 |
Steenkamp, Henri - Chief Financial Officer
TO MAXIMIZE VALUE. >> OKAY. SO YOU HAVE ACCESS TO THE RECORDS? >> NO, I HAVE ACCESS TO MF GLOBAL HOLDINGS INFORMATION, THE HOLDINGS COMPANY, BUT I DO...
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| 01:25:16 |
Stabenow, Debbie - U.S. Senator, [D] Michigan
MUCH. >> THE CHAIRMAN, WOULD YOU YIELD JUST FOR A COMMENT? >> IN REGARDS TO MR. STEENKAMP'S OBSERVATION, I THINK I KNOW WHERE HE'S COMING FROM. I DON'T...
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| 01:25:34 |
Roberts, Pat - U.S. Senator, [R] Kansas
Z, YOU ARE RESPONSIBLE FOR THAT. AND THAT'S WHY SENATOR JOHANS, I THINK, IS SO KEEN ON THIS. I SAID GIVE US A POWER POINT. GIVE US NAMES. GIVE US SOMETHING....
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.