business with bonds and equities that are going to benefit from the Fed's new strategies. So there's a huge issue of conflict of interest here. And plenty of BlackRock's rivals are absolutely furious by what they regard as a sweetheart deal that shouldn't have been done. Whereas the Fed and other people around it will say, well, this was the only option in a hurry. So you think taxpayers should be concerned about conflict of interest? Or do you think, again, so your point really is that the Fed relies on, not just in this case, but even in its normal operations, it relies on primary dealers to intermediate its purchases of US Treasury securities. The Fed is not completely independent, so it relies on third parties. Is this something where they wouldn't be able to do it on their own effectively? Well, it's an open question whether the Fed could do it on its own or not. I mean, many Fed officials would say it certainly couldn't do it on its own quickly. If it had many weeks to hire (19/43)