SPEAKER INDEX CONTENTS INSERTS AXILROD 204 BACHUS 20 95 96 97 98 99 100 BAKER 18 73 75 77 78 79 170 171 172 173 174 175 BENTSEN 120 121 122 124 125 BORN 139 155 156 157 158 159 160 170 175 176 177 178 180 181 182 183 184 CASTLE 25 104 108 110 FRANK 79 81 82 85 GRADANTE 212 GREENSPAN 40 48 49 55 56 57 58 59 60 61 63 64 66 68 74 75 76 77 78 82 84 85 93 97 102 103 107 108 113 115 116 118 121 122 128 130 131 132 133 HINCHEY 126 128 130 131 132 133 166 167 168 169 170 KANJORSKI 19 89 90 91 94 LAFALCE 7 55 56 57 58 59 60 61 62 151 152 153 154 155 156 157 158 159 160 161 180 181 184 LAZIO 86 87 88 89 LEACH 1 7 11 14 15 17 19 20 22 25 27 29 39 47 49 53 54 55 62 68 73 79 86 89 94 98 100 104 110 116 120 125 133 134 137 139 145 148 151 161 166 170 176 177 178 179 180 183 184 185 189 194 198 201 203 204 208 209 212 215 LINDSEY 148 151 152 153 164 165 166 167 173 174 LONSDORF 208 209 MALONEY 110 112 114 115 116 MCDONOUGH 29 50 54 61 62 66 69 70 71 78 80 86 87 88 89 90 91 95 96 98 99 100 110 111 114 116 117 124 126 128 PAUL 27 116 117 ROUKEMA 12 14 62 63 64 65 66 67 161 162 163 164 165 166 RUDER 185 SANDERS 22 100 102 104 SIEBERT 189 TANOUE 137 163 VENTO 15 68 69 70 71 72 WILLIAMS 145 153 154 159 161 162 163 164 167 168 169 170 172 173 179 ZIFF 199 201 CONTENTS SPEAKERS INSERTS STATEMENT OF WILLIAM J. McDONOUGH, PRESIDENT, FEDERAL RESERVE BANK OF NEW YORK PAGE 29 STATEMENT OF HON. ALAN GREENSPAN, CHAIRMAN, BOARD OF GOVERNORS, FEDERAL RESERVE SYSTEM PAGE 40 STATEMENTS OF HON. DONNA TANOUE, CHAIRMAN, FEDERAL DEPOSIT INSURANCE CORPORATION PAGE 137 STATEMENT OF HON. BROOKSLEY BORN, CHAIRPERSON, COMMODITY FUTURES TRADING COMMISSION PAGE 139 STATEMENT OF HON. JULIE L. WILLIAMS, ACTING COMPTROLLER, OFFICE OF THE COMPTROLLER OF THE CURRENCY PAGE 145 STATEMENT OF RICHARD R. LINDSEY, DIRECTOR, DIVISION OF MARKET REGULATION, U.S. SECURITIES AND EXCHANGE COMMISSION PAGE 148 STATEMENT OF DAVID S. RUDER, PROFESSOR OF LAW, NORTWESTERN UNIVERSITY SCHOOL OF LAW PAGE 185 STATEMENT OF MURIEL F. SIEBERT, PRESIDENT AND CEO, SIEBERT FINANCIAL CORPORATION PAGE 189 STATEMENT OF HENRY T.C. HU, PROFESSOR OF LAW, UNIVERSITY OF TEXAS PAGE 194 STATEMENT OF BRADLEY P. ZIFF, PRINCIPAL, ARTHUR ANDERSEN & COMPANY PAGE 199 STATEMENT OF STEPHEN H. AXILROD, GLOBAL ECONOMIC CONSULTANT PAGE 204 STATEMENT OF STEVEN A. LONSDORF, PRESIDENT, VAN HEDGE FUND ADVISORS INTERNATIONAL, INC. PAGE 209 STATEMENT OF CHARLES J. GRADANTE, MANAGING PRINCIPAL, HENNESSEE GROUP LLC PAGE 212 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING