investigative or enforcement agency, so that would be, for example, state securities commissions, fenra, which oversees the broker dealer side of the industry or other self-regulatory organizations. >>> what do you tell investors, what's the message to investors of all stripes, retail investors to institutional investors, that have looked at the sec and acknowledged even the shortcomings that you've acknowledged here and really question its ability to act as a watchdog, as a stock cop, as it were? >> i would say two things. first of all, as we have all heard in the testimony that's been on going since the madoff matter, as well as read in the press, in general there's somewhat of a disconnect between what the public thought that the sec was empowered to do and what our powers allow us to do, number one. and then secondly, what our resources allow us to do. you know, in an ideal world, in a vacuum, everybody would like the sec to be every place on top of everything preventing fraud. i don't think the sec has ever claimed that it could prevent fraud. it tries to deter fraud, it tries to s