Its may 29, 2014. Im in florida. What is your name . My name is harold w. Berkman. Harold, when were you born and where were you born . I was born on february 22, 1926 in brooklyn, new york. I have been a resident of florida since 1975. Im 88 years old. In order to accurately trace my military odyssey, i have drawn from four sources. One, my memory. Two, my discharge papers. Three, letters that i sent to my parents when i was in europe. And fortunately, my mother had saved my letters. And four, regimental and battalion history of the 317th regiment and second battalion that had been declassified. A neighbor of mine who was an expert in terms of accessing the internet did the research for me. Lets back up for a minute, please, harold. Sure. You said you were born in brooklyn, new york . Yeah. Were you raised and did you grow up in brooklyn some. The first 11 years of my life i spent in brooklyn. Then my father retired and we moved up to a small town in Sullivan County called monticello.
Cyber espionage. The hack of opm is the latest example. Do the chinese steal our Naval Technology and apply it to their navy, and as a corollary to that, are you aware of any evidence concerning china stealing u. S. Civil Nuclear Technology and diverting it to its nuclear navy . Sir, im not personally aware of any instances of another nation stealing our Nuclear Technology and applying to their navy, including china. That may be happening, im not briefed on any intelligence that would implicate that. I think its wellunderstood that there is Cyber Espionage that occurs. We have concerns from time to time about our cleared defense contractors for example in their Cyber Security. I think Frank Kendall and at l is working hard to tighten that up as best we k. I was reflecting on this earlier we talk about Nuclear Matters. As a sort of graduate of the Navy Nuclear Propulsion program. One of the things that has intrigue said me intrigued me over the years, the element of Human Performance th
Its going to predict how it would react under a stress event. And so was the key one of the key issues is what how are investors anticipating this . Is this part of their Investment Strategy . And do prices reflect it, and do practice Risk Management practices reflect that . I think that there are two issues we have to separate as we address the questions you offered. Is there a liquidity crisis . The first is are we in the midst of a transition from one type of market to over. If over night, we say that ever bond dealer who works in a bank can no longer deal bonds, the next day it will be a little harder to buy bounds. No question about it, and sell them as well. But what will happen afterwards, the banks will sell their operations to hedge funds to other companies, to the employees themselves and theyll get reorganized to find the capital and make money, because there are opportunities to make money when people demand liquidity, by the way, theres no such thing anywhere of free liqui
Wouldnt a level Playing Field as you said from your testimony, we have concerns about things like there is a some Data Retention obligations and we think you could do it differently. There is a best interest contract framework and weve heard feedback from folks saying it is clunky and there is a more streamlined way to do it. We have a point of sale disclosure requirement and people have said that that is not necessary. And so what weve done in every circumstance when someone said that the best interest contract is clunky, our response is tell us how to do it better. How do we retain that north star of enforceable best interest contract and still get it done and that is the feedback weve been getting and it has been helpful. And youve incorporated it. We havent made final decisions yesterday. We wont put out a rule until weve gotten all of the comments. Im confident if history is a guide the final rule will be materially different than and better than the proposal because you have to b
Allegiance. I pledge allegiance to the flag of the United States of america and to the republic for which it stands, one nation, under god, indivisible with liberty and justice for all. Thank you. Again, this year, we are deeply honored to have the william m. Wood Foundation House our conference sponsored. We think the conference and its trustees for enabling us to take a careful look and reflect on the meaning of historically significant deeds and actions. We also extend a special midshipman welcome for all those at the academy. If you look throughout the academy yard and look at the history reflected in the plaques and monuments, you cannot help but be impressed with the fact that this place and those who have gone before us have been the true practitioners of important naval history. We also welcome the rotc students today from the George Washington university consortium. Thank you for joining us. And the students from the Severn School who have joined us today. Each year, the Naval