Again, that's a very good and complicated question, in terms of a response.
Quickly, first of all, on the United States side, what we've seen is a combination of the developments in the subprime mortgage market that you've talked about and a period where the lending through the subprime mortgage market in the United States rose at a dramatic rate. We have seen the consequences of that, but at the same time, in addition to that lending, we saw a lot of these subprime mortgages being packaged as part of these structured products, these CDOs, for example, that you're talking about. So you had a combination of assets in these CDOs that were losing value, and losing value rapidly. You also have the opaqueness of these instruments that you've touched on.
One of the important issues we've talked about at some length is the importance of finding ways to enhance the transparency of these investment products. Investors need to know what's in those products. Certainly there's a considerable focus on that, both domestically and internationally, that the bank is involved in—international organizations such as the Financial Stability Forum--where these exact issues you're raising are being looked at.