Jack Reed actually said...

But here is the situation. You have a prominent fund that miscalculated, in the case of the experience in 2008...

So you could have essentially a system in which some are regulated and some are not.

But that leaves us in a situation of how do we build in, because our responsibility--build in rules and regulations that prevent, as you wou...

I think this is a very important hearing because the issues that have been raised go right to the capability of large, complex international...