who runs isda? the self-same banks that are in fact the major players in derivatives markets. there are others but they certainly control what's going on. so it was our view that the letter could have been tougher still. it could have pointed out if they really did believe in having a sound resolution structure then they should be quite willing to alter the agreements to facilitate resolution. >> thank you, richard. now open it up to the audience. if you have any questions, let me recognize you. there's a floating mic around. if you state your name and affiliation that would be a good way to begin. back there. >> henry edgar, researcher at nara. i noticed a recent report on television by a financial reporter that the serious issue of systemic risk is now moved to subprime loans from mortgages, to automotive loans. do you have any comments on this? how great of a figure would this be and how serious would it be to be considered systemic risk? >> i, let me try to answer that. i mean it is very hard to know without knowing what data this report was based on but the notion that au