company, then you have a bit of false advertising so we think what we are doing here, far from being introversive, is simply ensuring that the independence of compensation committees as advertised its independence in fact. >> i guess i am-- bouquet. >> the gentleman from california. >> thank you very much. i would like to thank our panel for being here today to help us wrestle with one of the most serious problems in the financial services community dealing with compensation and bonuses, etc.. there are some things that we have learned about actions that were taken that are very disturbing and i don't know that we have gotten any information to help us understand what went on in some of these actions. for example, i want to know what you have discovered, starting with mr. sperling, about the authorization for $5 billion in bonuses to be given to merrill lynch employees at the time that the merger took place between bank of america and merrill lynch? i have read accounts in the paper and i have heard information that bank of america new, and signed this agreement, that these bonuses could take pla