There are a couple of things.
First off, I share the concerns about the asset-backed commercial paper, and I welcome the opportunity--as painful as that may be--to sit before you and take the majority of questions. It's the right process, and we don't want to shirk from that responsibility.
One of the things was that we backed up these pools of assets with something called “market disruption liquidity lines”, and what we learned is that not all firms honour their obligations, that the conditions in there are relevant. So in January of 2007--even before this crisis hit--we said we were not going to do any more asset-backed programs without global liquidity standards, meaning you can pretty well back up the CP with an unconditional bank line of credit. In fact, in September 2007, we announced the conditions. We can now say that every conduit is 100% backed up by global liquidity standards. So in terms of how you make sure this doesn't happen again, that's an important thing.
On my point about the underlying assets, I do agree with you that there are real assets, that they're real needs, and one of the goals of that Canadian secured credit facility, I think, is to help get confidence again in the market. The rules aren't public. I suspect they'll require ratings again.
Obviously, you don't get too many kicks at the can. Our integrity is our reputation and whether the market will continue to use our ratings. So far the market continues to embrace our ratings. We were very open and honest with all of the investors. I dialogued with them extensively throughout the crisis, and continued to do so, through the Montreal accord and beyond. So I think we will continue to try to do our best, to take lessons from the past, and to ensure they don't happen going forward.