Well good morning everybody. Thanks Rob and thanks to Einat not just for kind of generically everything that they do but for their steadfast commitment to paying attention to issues no matter how complex if they’re important. And what we’re doing here and talking about really one of the most important things in financial reform in the financial sector which is derivatives and the cross-border implications of derivatives. Now it’s not going to make a headline and it doesn’t fit in a tweet but it’s a heck of a lot more important. And Michael’s going to go through his paper. But I wanted to say to start first of all you know derivate the crash as everybody here knows had a lot of different causes but nobody can deny that derivatives were at the core of causing the crash. Derivatives were time bombs laid throughout the financial system and at the same time they were a conveyor belt that delivered those time bombs throughout the global financial system. And what this paper really is about is how that happened in 0 4 5 6 7 8 boom time bombs explode the world the conveyor belt worked unfortunately. And essentially this paper talks about how that conveyor belt has been rebuilt by subterfuge by an industry committed to evading the most sensible modest and fundamental and necessary protections. And so Michael who you should. It’s not that long of a paper it’s a hundred pages and I encourage you to read it because it gives you the broad sweep it puts it in context. It’s actually said in English you can actually understand it even if you’re not a derivatives professional which most people are not. Thank God.

Right. So with that really one of the nation’s most experienced knowledgeable and articulate experts on the CFTC derivatives and the cross-border implications. Michael is going to run us through the highlights of the paper and then we’re going to have a discussion about that so Cambodia has the podium Well thank you very much. As Rob said Rob. Tom Ferguson who is my editor and prodder through this entire thing unfortunately he couldn’t be here today. We started working together right after the melt down site. I am in D.C. Rob was in New York. Tom That point was in Boston but we saw each other a lot. Tom Rob I have done wonderful work and I’m indebted to them. They funded this paper. Dennis is one of the top market advocates for the good guys and better markets has just done a fabulous job. I’m honored to have Mr. Volcker Mr. Honeck here today to comment on the paper. When I walked in and somebody was thumbing through the paper and said this is over 100 page actually it’s 110 pages. Oh I would like to say in preface is I work very hard.

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