SPEAKER INDEX    CONTENTS   INSERTS   
BAKER            1      5      6      7      8      9     10     11     17  
                18     19     25     26     28     32     34     35     38  
                40     41     42     44     45     46     50     53     57  
                60     63     66     69     71     72     77     80     84  
                87     89     90     93     95    102  
CAPUANO         35     37     38  
CUNNINGHAM      50     94     95  
EGAN            47     73     74     82     83     84     89     90     92  
                95     97     99    102  
EMANUEL          7  
JOYNT           60     80     91     98  
KAITZ           63     96  
KANJORSKI        3     19     20     21     22     23     24     25     44  
                45     72     73     74     75     76     77     78     79  
                80     88     90     91     93  
MCDANIEL        66     70     71     72     73     74     75     76     77  
                81     82     83     84     85     86     90     91     93  
                97     98  
MILLER          26     27     28     41     42  
NAZARETH        11     12     17     18     19     20     21     22     23  
                24     25     26     27     28     29     30     31     32  
                33     34     35     37     38     39     40     41     42  
                43     44     45     46  
NEY             39     40  
OXLEY            6     25     26     80     81     82     83     84  
ROOT            54     81     99  
SCOTT            9     32     33     34     35     45     46  
SHAYS            8     29     30     31     32     44     45     84     85  
                86     87     94     95     96     97     98     99    100  
               101    102  
SHERMAN         10  
WHITE           57     78     79     80     81     82     86     87    100  
               101  

CONTENTS    SPEAKERS   INSERTS   
STATEMENT OF ANNETTE NAZARETH, DIRECTOR, DIVISION OF MARKET REGULATION, SECURITIES AND EXCHANGE 
COMMISSION
                                                                 PAGE    11

STATEMENT OF SEAN J. EGAN, MANAGING DIRECTOR, EGAN-JONES RATINGS CO.
                                                                 PAGE    47

STATEMENT OF DEBORAH A. CUNNINGHAM, SENIOR VICE PRESIDENT, FEDERATED INVESTORS
                                                                 PAGE    50

STATEMENT OF GREG ROOT, EXECUTIVE VICE PRESIDENT, DOMINION BOND RATING SERVICE
                                                                 PAGE    54

STATEMENT OF LAWRENCE J. WHITE, PROFESSOR OF ECONOMICS, STERN SCHOOL OF BUSINESS, NEW YORK 
UNIVERSITY
                                                                 PAGE    57

STATEMENT OF STEPHEN W. JOYNT, PRESIDENT AND CEO, FITCH INC.
                                                                 PAGE    60

STATEMENT OF JAMES A. KAITZ, PRESIDENT AND CEO, ASSOCIATION FOR FINANCIAL PROFESSIONALS
                                                                 PAGE    63

STATEMENT OF RAYMOND W. MCDANIEL, PRESIDENT, MOODY'S INVESTORS SERVICE, INC.
                                                                 PAGE    66


INSERTS    SPEAKERS   CONTENTS   
NO INSERTS IN THIS HEARING