going to talk to? who sp%s@@@# it is the failure to use appropriate controls of managed risk that we believe leads to the problem of systemic risk. on europe s attitude of guaranteed funds, burden sharing and compensation schemes are not necessarily practiced in every state but we are now considering how to change that to introduce it. in conclusion, chairman, if i can say if there is anyone that has been close to this committee s work and what you are going to do, it is i. i look forward if any way to help, to offer to help from the european union and our committee in european parliament to offer fraternal greetings and come up with common approaches to face a global crisis. thank you. thank you very much, mr. chairman. now we ll hear from michael mcraith, testifying on behalf of the national association of insurance commissioners. mr. mcraith. chairman, ranking members of the committee, thank you for inviting me to testify. i m michael mcraith, director of insurance in