>> that's correct. >> mr. kroll? >> on the issuer side of our business, we also have a sub scratch in business, on the issuer-paid agencies, which is done our first five transactions, we do the same thing. it's only about correcting any factual errors that we may have spent so it's a standard practice in industry. >> correct. >> thank you. >> go back back to the gentleman's time. >> well, i want to thank this panel. it's been a very good hearing, and we appreciate your time and your thoughtful testimony. and just want to remind the members have additional questions for this panel, which they wish to submit in writing, without objection the hearing record will remain open for 30 days for members to submit written questions and to place the responses into the record. it is no further business this hearing is adjourned. >> thank you, mr. chairman. [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] >> is thinking of choosing a drawing down risk with specific purpose of

. >> mr. kroll, would your answer be the same, or would it be different? >> .as an nrso, which is one of the reasons we became an nrso, we have access to a lot of information. we have just in the last 30 days braden 3, and in two weeks, it will be five commercial mortgage-backed deals. we are privy to the same information that the oligopoly gets if they are on those deals. >> ok, pas were you disappointed or pleased with the provisions of dodd-frank, related to the credit rating agencies? >> i think by and large, and is disappointed with them. i think the idea behind dodd- frank and my understanding was the rating agencies would be to create transparency, create accountability, increase competition. in fact, i think what happened was a lot of punitive, directive initiatives toward the big three with unintended consequences that her to the variety of us who would consider being nrso's or those who are already nrso's. competition is what is going to seawall bid, and i really do not think that dodd-frank contributes to that mission. -- competition is what is

thank you. >> mr. kroll. it your button. >> thank you for the opportunity to speak with you this morning. my statement is a very personal statement. i built my previous company starting 40 years ago focused on the concept of due diligence and focusing on the concept of fighting corruption in the corporate world and in the government world. it was all about bringing professionalism to an industry which was not held in very high repute in those days called the private detective industry. unlike james i can take on the attributes of a young hungry competitor. consider me an old hungry competitor. a couple things i would like to say. i sold my company. i was in pretty good shape. my wife was complaining i was hanging around a house too much and i began to look at things where i might apply my experience and the experience of my colleagues to important policy issue as we have with corruption and kickbacks in the 70s, 80s and 90s. i marvel at the rack of these rating agencies had. it was beautiful. charge what you

. >> mr. kroll, to you want to chime in? >> i do not think ratings agencies have the wherewithal, the intellectual range, the experience to be doing great things on 100 countries around the world. i question whether this is the job of a private-sector entity to be looking at the united states government or any other government and reaching decisions on their levels of credit worthiness. what we have seen throughout history is a constant activity of being a day late and a dollar short. running around in front of the parade. is this new news? we are not qualified to do this. we are too small. the question is whether private enterprise should be in this business for pay. >> thank you. >> i thank the gentleman. now the gentleman from texas. >> mr. sharma, do you believe the amount of debts held by the united states poses a systemic risk? >> the growth rate of the debt burden is something that needs to be addressed for us to continue to assess the credit worthiness of the sovereign debt. >> in the political record we are seeing t