Jack Reed actually said...

As we continue the important work of modernizing our outdated financial regulatory system, I have called this hearing to explore a key aspec...

There are basically three approaches: one is to regulate the fund; two is to regulate the advisers; or three is to give the SEC the authorit...

I think just a comment. I think this approach of getting the information might also ultimately be beneficial to some hedge fund participants...

There seems to be a recognition by all that further transparency is important, to get the data, to get the information.