ms. thompson, did you have something else to add? >> i think you're referring to an equity trust transaction. this was a type of transaction used at the resolution trust corporation. again, that was for failed assets where the assets were sold into a trust where some were performing and others not, and the government took a percentage share of the downside and the upside and that works well for assets from failed institutions. i'm not necessarily sure that's necessary right now because the market is starting to open up. some of the problem banks are raising capital, and we are seeing slow sign of asset sale, and as i mentioned earlier, the cmbs market is starting to slowly come back. especially in the cmbs market, the special servicers have flexibility to work out the loans as do banks that have a commercial real estate in their port dpoal owe. i think the transaction itself has been done, and i think that it's a good mechanism, but i'm not sure it's necessary for an open market. >> okay, okay. fair enough. my time is up. my take awa

we'll start with ms. thompson. >> good morning. i appreciate the testimony to testify on bhaft of the fdic regarding the condition of the commercial real estate market and its relationship to the overall stability of the financial system. the events surrounding the recent financial crisis have taken a heavy toll on economic activity across our nation. the past three years have been difficult for many institutions that focus on cre lending, especially in home construction. in 2009, there were 140 bank failures, last year, 157 banks failed, and many of those failures were caused by losses on construction loans that were made during the boom years before the crisis. some community banks with cre concentrations continue to experience elevated losses. the stressed cre loan exposures take time to work out, and in some cases, require restructuring to establish a more realistic and sustainable repayment program. some loans may not be able to be modified and must be written off. this process of prompt lost recognition and restructuring pain

thank you. >> thank you, ms. petraco. ms. thompson? >> good afternoon. my nightmare began on monday, forever 28th, 2011. that day my account was in the process of e-filing my federal tax return. he received a message from a software provider alerting him that a tax return had already been filed for me. he responded by devising that it could not be filed already because he was trying to file it now. he then called the irs and they in fact confirm that a return have been filed in my name. my accountant called me and told me what had happened. he gave me the number to the irs to call and find out what the person used to file the return because they could not release that information to him. i called and was told they could not tell me anything. once i get home from work, i called the irs again and spoke with mr. baird. he told me what i had to do as far as five and identity theft affidavit with copies of my drivers license and social security card. calling the federal trade commission, filing a police report, contacting the credit bureau and social sturdy o

randy thompson, ms. leslie fields please. >> retired general, united states army, senior stay tigs in iraq for 15 minutes, directly working for general david petraeus. i want to tell you why i believe that this pipeline is against our national best interests and why it's against our military's best interest. [cheers and applause] this pipeline will keep us addicted to oil, and our addiction to oil gets soldiers killed. we have watched over 1,000 american lives moving fuel on the battlefield in iraq and afghanistan, and i know because i was the guy running those convoys, controlling that from the top. it wastes billions of dollars. this nation will spend $20 billion this year alone on the fuel and the energy to air-conditioned structures in iraq and in afghanistan. that's just for air-conditioning. $20 billion in consideration of the fully burdened cost of fuel which is $30 a gallon in afghanistan, and $18 a gallon in iraq. we're talking the most isolated nation in the world, it's hard to get fuel out the

mark thompson and then mr. max mosley and j.k. rowling. the first witness is ms. miller and i call ms. miller. >> why a from the evidence i shall give shall be the truth, the whole truth and nothing but the truth. thank you very much. >> good morning. could you confirm to the inquiry please your full name? >> my name is sienna rosebud diana miller. >> and you have provided a contract for your solicitors and you have provided the inquiry was a witness statement. are you familiar with your witness stand? >> ibm. >> and the content of your statement correct to the best of your knowledge and belief? >> is they are. >> i have said to almost all of the people who've given a evidence to me before how grateful i am to you for being prepared to take part in this exercise. i'm gerry conscious that you have strong views about privacy, and the very act of coming to give evidence exposes you and means you are talking about things which are quite key not to want to talk about. so i understand the difficult choice you have to make and i am very grateful. thank you very much. >>

. >> joining us is the order of witnesses today, ms. sienna miller, mr. mark thompson and then mr. max mosley and j.k. rowling. our first witness is ms. miller. ms. miller. i sienna miller do declare that the evidence shall be the truth, the whole truth and nothing but the truth. thank you very much. >> good morning. >> good morning. >> could you confirm to the please your full name? >> yes, my name is jena rose diana miller. >> you provided a contract to your solicitors and you voluntarily provided the with a witness. >> yes. >> are you familiar with the contents of your witness statement? bim. >> and are the contents of your witness -- true and correct to the best of your knowledge and belief? >> as they are. >> misspell or i've said to almost all of the people who have given evidence to me before how grateful i am for taking part in this exercise. i am very conscious that you have strong views about privacy and the very act of coming to give evidence to me, exposes you and means that you are talking about things which actually are quite key, not to want to talk about. so i under

randy thompson, and mr. or ms., i can't say, leslie fields, please. >> good morning. i'm steve anderson, retired brigadier general from the united states army. i was a senior logistician in iraq for 15 months, directly working for general david petraeus. i want to tell you why i believe that this pipeline is against our national best interest, and why it's against our military's best interest. [cheers and applause] this pipeline will keep us addicted to oil. and our addiction to oil gets soldiers killed. we have lost over 1000 american lives moving fuel on the battlefield in iraq and afghanistan. and i know because i was the guide was running many of those convoys, controlling that from the top. it wastes billions of dollars. this nation will stand at $20 billion this year alone on the fuel and energy to air-conditioned structures in iraq and afghanistan. that's just for air-conditioning, 20 billion in consideration of the fully burdened cost of fuel, which is $30 a gallon in afghanistan, and probably $18 or so i down in the right. we're talking about the most isolate

thompson for five minutes. >> thank you very much. i want to echo the sentiments of ms. richardson. i've been here pre-katrina, post-katrina, and i've seen a different fema. obviously, it's always a work in progress, but i'd never seen you, as an administrator, not address whatever problems you were presented with, and i thank you for that. just for the record, mr. fugate, just so the public understands that a declaration of from the presidential level is only after the state and local requirements based on some kind of request have been made. can you just kind of walk us up that chain? >> yes, sir. this goes back to under the stafford act. only the governor of the state is authorized by the president to declare a disaster declaration, and that's based upon the governor certifying that that event overwhelmed state and local capabilities. we look at impacts on a per capita basis for public assistance to determine part of that, but it's not the sole determination. it can oftentimes be based upon the significant impacts of what the trauma is to a community. in addition, we look at indi

[applause] >> lenni ms. body schilling and i represent the 17th district that borders the thompson prison facility. first i would like to thank chairman mckeon for putting together the congressional task force on gitmo. as was mentioned the president took unilateral action without proposing congress how to deal with the remaining terrorists to gitmo. i find this totally unacceptable. and first of all, but i really want to do is think the american people for the votes that allow us some 87 new freshmen to become members of congress and basically ensure gitmo will remain closed to the terrorists and then also we make sure we handle these through the military tribunals. i'm working with chairman mckeon to introduce the legislation double handle the detainee's and stop funding the construction or modification of any facilities inside the united states to house the gitmo detainee's to read and other words the legislation would need no detainee's and thompson illinois or anywhere on the united states, its territor

[applause] >> lenni ms. body schilling and i represent the 17th district that borders the thompson pris first i would like to thank the chairman mckeon for putting forg together the congressional task asrceto on gitmo. as was mentioned the presidentan took action of the consultingw the congress how to deal withion the terrorists to gitmog cohe ro gitmo. i find this totally unacceptable. and first of all, but i really want to do is think the american people for the votes that allow us some 87 new freshmen to become members of congress and basically ensure gitmo will remain closed to the terrorists and then also we make sure we handle these through the military tribunals. i'm working with chairman mckeon to introduce the legislation double handle the detainee's and stop funding the construction or modification of any facilities inside the united states to house the gitmo detainee's to read and other words the legislation would need no detainee's and thompson illinois or anywhere on the united states, its terri

thompson, for five minutes. >> thank you very much. i'd like to echo the sentiments of ms. richardson. i've been here pre-katrina, post-katrina, and i've seen a different fema. obviously, it's always a work in progress, but i've never seen you as administrator not address whatever problems you were presented with, and i thank you for that. just for the record, um, mr. fugate, just so the public understands that a declaration of, from the presidential level is only after the state and local requirements based on some kind of request have been made. can you just kind of walk us up that chain? >> yes, sir. this goes back to, um, under the stafford act only the governor of a state or a territory is authorized to request from the president a disaster declaration. and that disaster declaration is based upon the governor certifying that that event has overwhelmed state and local capabilities. we look at impacts on a per capita basis for public assistance to determine part of that, but it is not the sole determination. it can often times be based upon the significant impacts of wha

thompson. ms. davis? >> thank you. i want to switch the scale here for a second and talk about california if i may, and i'm not expecting that your experts necessarily in that system, but in terms 6 what you know and -- of what you know and to apply as you probably know as well, the governor's 2011-12 budget is below 98 funding levels with 75,000 fewer students than the 2037 students enrolled today, so clearly a different scale than what we're talking about, and, of course, thousands of people have been laid off, ect., but i'm wondering at what point does the streamlining in the savings hinder student learning? how can a large system like that really afford to go to afford graduates both an opportunity to graduate, but to graduate with something substantive to contribute? >> california, i worked there for many years including in the legislature in the ways and means committee. i would know more about it than i know what to do with. >> well, that's good. >> it's a tough one. they are already cutting access, probably cut

it's cooperative management as the chairman as ranking member thompson pointed out inspector general found that we did not have procedures in place we didn't have agreements with tsa to the administrators programs i'm proud to announce taha et ms. reeder pistole and i have a memorandum that outlines the responsibilities as a team so that it's clear when we work with state and local partners how we are conducting our business. the transportation security grant funds can be used for capital projects as pointed out the physical hardening and other enhancements but also operational projects one of which many people have the right may be familiar with and that is we see something say something campaign, to incorporate and list the writers of the transit systems to report activities to the lord for said agencies. we also provide additional training exercises and drills and a funding source for the visible law enforcement deutsch on the ground such as the k-9 police control as the administrator pistole point of our goal is deterrence. we want to be prepared, we want not to just be able to r

mark thompson and then mr. max mosley and j.k. rowling. the first witness is ms. miller and i call ms. miller. >> why a from the evidence i shall give shall be the truth, the whole truth and nothing but the truth. thank you very much. >> good morning. could you confirm to the inquiry please your full name? >> my name is sienna rosebud diana miller. >> and you have provided a contract for your solicitors and you have provided the inquiry was a witness statement. are you familiar with your witness stand? >> ibm. >> and the content of your statement correct to the best of your knowledge and belief? >> is they are. >> i have said to almost all of the people who've given a evidence to me before how grateful i am to you for being prepared to take part in this exercise. i'm gerry conscious that you have strong views about privacy, and the very act of coming to give evidence exposes you and means you are talking about things which are quite key not to want to talk about. so i understand the difficult choice you have to make and i am very grateful. thank you very much. >>