[inaudible conversations] the committee is called to order. this hearing will come to order. i would remind members that the opening statements should be limited to 10 minutes as previously agreed. there are members that are not necessarily are not a member of the oversight and investigation committee. i have asked of those members be allowed to participate in the hearing today as well. i am going to go ahead then with my opening statement. this is the third hearing that we have had on mf global. it is one of the eight largest bankruptcies in the country. more partly, it is about trying to ascertain what happened where farmers and ranchers and customers lost over $1 billion of their money. i would remind folks that this is a hearing and not a trial and at the bottom line of what we are trying to college today is basically to do an autopsy of how a 228-year-old company came to its demise last year. it is important that we understand what was going on corporately, what was
Transcripts For CSPAN2 U 20120330
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action moody stood before am a globals bankruptcy which was brought on by the revelation the customer assets were missing. but first would be helpful to briefly explain the meaning of moody s credit rating and the indicators we use to communicate to the market the possible direction of those ratings. moody s credit ratings are forward-looking opinions that speak to relative credit risk on a multiple step scale. this means the issuers assigned a higher reading level that are less likely due to the fault and issue to design a lower level. some credits are expected to deval that every reading level. no one can predict with specific credit and a particular level will befall. if that were possible movies with simply use a two-step rating scale to fall or not to fall. moody s expresses its opinions in the market not only through his ratings but also through the public directional trading indicators called rating outlooks and reading reviews and through written research. when we ann