mr. joynt, back to you again. there has been some discussion about changing the compensation, and by the way i want you to know i am one of those that is slow to sort of mandate how we do those kind of things, but just going to the business model side of it. is that something that is far-fetched? or do you think any of the credit rating agencies have thought well, we'll take a bigger fee but will take it over time based on performance. has any of that had any kind of serious discussion at all at your company level or to your knowledge at standard and pours or others? >> the best discussion about that i think was at the sec hearing, and the navy and subsequent conservation untrimmed conversation with her kind of think about it better or different payment moppet is it difficult for to think how we would adopt a separate kind of payment or fee structure without having it coordinated with others so they quite problematic, you might not realize but today's when we rate structure financings, for example, we don't take i

mr. joynt, back to you again. there's been some discussion about changing the compensation.y the way, i want you to know, i'm one of those that's slow to sort of mandate how we do those kind of things, but just going to the business model side of it, is that something that's farfetched, or do you think any of the credit rating agencies have thought, well, we'll take a bigger fee, but we'll take it over time based on performance. has any of that had any kind of serious discussion at all, at your company level, or to your knowledge, standard & poor's or others? >> so the best discussion about that, i think, was at the s.e.c. hearing and maybe in subsequent conversations where they're trying to think about a better or different payment model. it's very difficult for me and my firm to think about how we would adopt a second kind of payment or fee structure without having it coordinated with others. so it would be quite problematic. you might not realize, but today when we rate structured finances, we don't take all the income in immediately, we defer a portion of the fee for the

mr. joynt. your testimony please. >> could you turn the microphone on, please?nd lean in. >> thank you, senator reed. members of the committee think of it opportune to appear at the hearing today. i would like to spend a few minutes am writing my prepared statement. while overall macroeconomic coitions remain difficult, it seems the period most intense markets stressed as fast. this is due both to a variety of government initiatives, here and abro, and at restoring market stability as well as actions taken by companies and individuals to shorep their balance sheets and reduce risk. having said that, important sects in the fixed income market remained effectively closed in certain classes of just commercial mortgage-backed securities are have greater understand on their asses. during this time the focus of has been into letting a broad range of initiatives that enhance the reliability and transparency of our opinions and related analytics. more specifically, our primary focus is on vigorously reviewing our analytical approaches and changing ratings to reflect the