Thank you for the question. I'll deal with the second one first and then come back to the conflict of interest.
With regard to credit quality, I think in simple terms you can make a loan--for example, asset-backed securities include auto loans or credit card receivables, and so on. So if you were to take out a loan with me for a credit card, I'd assume credit card risk with you. But if everyone here took out a credit card and I knew your payment histories and I could pool the risk, I'd be in a better risk position just by the process of diversification.
So simply put, securitization is about diversification of risk. That's what we're good at. We understand credit risk and we understand the principles of diversification. What I guess was not as well understood was what happens if the capital markets disappear.