Just to clarify, our association represents investment management firms, not brokers. We're asset managers who purchase on behalf of pension plans and individual clients.
In August a couple of years ago, when the first news of the asset-backed commercial paper crisis was emerging, we very quickly polled our members to determine what our membership exposure was and what we needed to do as an association to help both the management firms through the situation, but also their clients. I was happy to report that we had very little member exposure. Fewer than five of our 115 firms had direct exposure and were involved. In fact, many of our investment management firms, when they were approached with some of these products, declined investments in them and saw some of the warning signs with them.