Thank you.
I want to shift a little bit away from your rating agency to rating agencies in general. As we speak, the G-20 is meeting, and there's a big push among at least some countries in the G-20 to have much tougher regulation. When I read these reports, it seems there are three groups that are lumped together as in need of regulation: tax havens, rating agencies, and hedge funds. They are entities that have fundamental governance issues and therefore need to be brought under greater control.
In the case of rating agencies, one of the issues--and I'm not talking only about yours--is what some would regard as a fundamental conflict of interest, that the people you rate are the people who pay you. That causes a little bit of a conflict, not just for you, I hasten to repeat, but for rating agencies in general.
So my question is, would you concede that those countries, notably France, but not only France, I believe, that are pushing for far greater regulation of rating agencies at least have a point?