We have asked for this morning's Panel, Marty Lipton to take the lead in moderating, and I am going to just express my brief thanks to all of the anelists and to Marty for taking time out of incredibly busy schedules and, in Marty's case, pro bono, to assist us with this effort.

So, I'll turn it over to Marty.

Mr. Lipton: Thank you, Harvey.

I thought the best way of approaching this would be to ask each of the Panelists to address some of the current issues, and then to go beyond that and give us their views of what has been put forward and what they think would be useful in resolving some of the problems that have arisen.

I thought one way to begin this type of discussion would be to pick up on a proposal that Chairman Pitt made back in December. At least that's the first instance of it that I saw, but it may actually pre-date December. And that's a requirement for the disclosure of the critical accounting principles that are being applied in the creation of the GAAP financial statements, and the critical assumptions, estimates, projections that a company uses in reaching its GAAP financial statements.

I'd like to combine that with another question: And, that's whether much of the complaint with respect to the failure of financial statements today to reflect a true picture of the company's assets and liabilities and earnings might be resolved if a company was required to, in addition to the GAAP financial statements, disclose a detailed reconciliation of the GAAP financial statements to the company's tax returns.

Just to illustrate, there has much been said of late about companies capitalizing items that might otherwise have been expensed and, indeed, which they did, in fact, expense for tax purposes, but that was not disclosed, and it was not clear in the financial statements. Clearly, such a reconciliation would at least expose the existence of that differentiation.

I thought, Warren, since, I think, alphabetically you are first, I might ask you to either comment on that or, if you decide that it isn't worth commenting on, go on to whatever else you would like to say.