SPEAKER INDEX CONTENTS INSERTS CLAY 67 DOHERTY 24 34 36 40 41 42 43 44 45 46 58 71 73 75 FAZIO 15 36 37 38 54 65 66 HOMMEL 80 95 99 100 101 102 103 104 105 106 107 110 111 112 113 114 115 116 119 120 121 122 124 126 127 128 INSLEE 58 JONES 58 59 60 61 62 67 68 69 70 71 72 76 96 97 98 99 100 101 102 103 104 105 120 121 122 123 124 125 JONES OF OHIO 8 10 36 37 38 39 40 41 42 43 44 45 KAPLAN 77 94 96 97 98 99 105 107 108 109 111 115 116 120 124 KELLY 1 5 8 10 11 14 18 21 28 29 30 31 33 36 45 47 48 50 54 58 62 67 72 74 75 76 77 80 84 87 90 94 95 96 104 105 110 116 117 118 119 120 125 128 LACKRITZ 90 118 122 123 124 126 127 LATOURETTE 11 24 27 50 51 52 53 54 55 56 57 58 66 72 73 108 109 110 111 112 113 114 115 116 125 126 127 128 NEY 45 46 47 48 49 OXLEY 6 RICHARDS 21 28 29 30 31 46 49 52 53 54 55 56 57 58 59 60 61 62 63 68 69 70 71 72 73 74 75 SIBEARS 77 84 116 117 118 119 SKOLNIK 87 119 124 SPEAKER 4 STOUT 19 38 39 40 47 48 50 51 52 54 55 56 64 65 TIBERI 11 62 63 64 65 105 106 107 108 CONTENTS SPEAKERS INSERTS STATEMENT OF CARL FAZIO, AURORA, OHIO PAGE 15 STATEMENT OF GOLDA LEWIS STOUT, ELGIN, ILLINOIS PAGE 19 STATEMENT OF LORI RICHARDS, DIRECTOR, OFFICE OF COMPLIANCE, INSPECTIONS, AND EXAMINATIONS, SECURITIES AND EXCHANGE COMMISSON PAGE 21 STATEMENT OF DAVID DOHERTY, EXECUTIVE VICE PRESIDENT FOR ENFORCEMENT, NEW YORK STOCK EXCHANGE PAGE 24 STATEMENT OF MARK E. KAPLAN, MANAGING DIRECTOR AND GENERAL COUNSEL, SG COWEN SECURITIES PAGE 77 STATEMENT OF THOMAS E. HOMMEL MANAGING DIRECTOR AND CO-HEAD OF GLOBAL LITIGATION, LEHMAN BROTHERS PAGE 80 STATEMENT OF DANIEL M. SIBEARS, SENIOR VICE PRESIDENT AND DEPUTY FOR MEMBER REGULATION, NATIONAL ASSOCIATION OF SECURITIES DEALERS PAGE 84 STATEMENT OF BRADLEY W. SKOLNIK, INDIANA SECURITIES COMMISSIONER AND CHAIRMAN, ENFORCEMENT SECTION, NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION PAGE 87 STATEMENT OF MARC E. LACKRITZ, PRESIDENT, SECURITIES INDUSTRY ASSOCIATION PAGE 90 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING