Time is short, and I know you've had a long question. I'll leave the rest of the time to you, but I'll get in this last bit to you.
You talked about the failure of regulation and you said it was not so much here, but in the U.S. Leaving you with the rest of my time, I would like you to incorporate in your answer how you feel that reinforces your position. In the United States the FCC is a single, centralized regulatory agency. Especially in the Madoff case, they had all the information. Go online. It gives you shivers to realize they were given all the information on Madoff and they did nothing with it. It's there, it's centralized, they're incompetent. So I think the message is we're getting it wrong. It's not a question of centralization, but I said I'd leave you the rest of the time and I will.