Okay, I'll give you the Reader's Digest version, then.
First off, I've never really spoken about valuations. That's certainly outside of my scope at Standard & Poor's, and outside of the scope of our ratings agency. Really what we were talking about was the fact that there are financial reporting risks that are evident within trusts that investors somehow didn't really think too much about. Our thinking around that was because there was a significant focus on cashflow, and many people consider cash to be this absolute figure that is somehow immune to reporting distortions. So when we highlighted that issue, we didn't really do it to isolate or single out the trusts, but rather to underscore the fact that the reporting distortions are there, they exist, they're very real among cashflow numbers of trusts, and as a result, the same vigilance they have in looking at earnings figures for corporates has to be extended to the trust environment.
The last part of your question, around government action—