Thank you, Mr. Chair, and thank you, panel, for appearing before us.
We were talking about something to do with bonds, and I want to get back to that. We had quite a discussion last time. I really think we may not have a true description of bonds. My understanding of bonds is that they are the blue-chip investments that people make when they want something that's really secure.
Mr. Allen, you were talking about how companies will raise capital to make those large investments that need to be made. If a company like Bell, for instance, didn't lay down its lines, we wouldn't have the telecommunications industry that we have, so it's a very important part of the market.
I want you to tell me, first of all, who normally invests in bonds, and then what happens to bonds when a company enters bankruptcy. What happens at that point? Then maybe you could give us a little information on CDS, because there have been some allegations that the hedge funds that take over these bonds profit from the bankruptcies. Could you shed some light on that?