And, I would say that one way of trying to upgrade the attitude of CEOs, in terms of how they look at this whole problem, and to behave more in line with what I suggested, is that maybe some organization — like AIMR — could review annual reports, perhaps taking them in blocks of ten and assigning them out and then have those recommendations, if they're negative, reviewed maybe by one other layer.

And, where they found that report was basically a public relations document or a lot of fluff, that they simply withhold their vote. I mean, they own the place. They can speak in that manner. And, believe me, there have been times when we've withheld our vote, and that's when we hear from management. They get very interested in who their owners are at that point. And, certainly, with the concentration of institutional ownership in this country, if owners want better reports, they can get them. And, if they don't want them and demand them, they're not going to get them, no matter what the rules are.

Mr. Lipton: Warren, while you're addressing the obligation of the CEO to provide this type of report, would you also comment on the proposal by the Secretary of the Treasury to change the legal standard for measuring the performance of the CEO of a company, so that the — according to Secretary O'Neill, the standard should be ordinary negligence, rather than recklessness? I'm not sure that he was correct in his original description of what the standard is. But, assuming that we take his reference points, do you think we would accomplish anything by changing the standard of performance for a CEO and making the CEO more liable to suits on behalf of shareholders or disciplinary action on the part of the SEC, or even a new disciplinary organization?

Mr. Buffett: I think it would be very difficult, Marty. I think it's much better to have the CEO disciplined by his owners than attempt to discipline him by courts.

I think if you — whatever rules you came up with on that, I think that the CEO would go to his lawyers and say, you know, How do I stay out of jail and tell them the least? And so, I think it would be very difficult.