>> we know that large financial institutions were annual to go in moody's and s & p -- i mean, to pick two large credit rating agencies and actually have their people participate in the structuring of the securitized investments. i mean, the pooling of mortgages, many of them subprime mortgages, mixed with other mortgages, sliced into tranches, sold around the globe as these, you know, mortgage-backed securities that we heard so much about. and the people working at the rating agencies were actually hired, you know, paid for by the sellers of these bonds to, you know, help them. how do i get a aaa rating? well, we'll show you? i mean, there's an engineering going on. there wasn't a real, you know, merits-based attempt to get to the bottom of risk. now, one of the things that's kind of surprising in the debate about financial regulatory reform is that nobody has discussed -- you know, we heard about the public option in healthcare debate. what's the public option in the credit rating agency for me? i mean, we're having this debate well, who should pay for the credit rating agency? shoul