Mr. Ajai Chopra:

I think one needs to make a couple of points in this regard. Equity for many of the banks was wiped out. It was certainly wiped out for Anglo and a large portion, you know ... so you know, equity holders took substantial losses, right? And that’s as needed. Sub-debt holders also took substantial losses and that was also entirely appropriate because they're next in line and sub-debt holders are risk ... you know, subordinated debt is risk-bearing.

Where it might've fallen short, as we've said ... as I've said a number of times, is that there wasn't sufficient burden-sharing with senior bondholders.