And, the second is that you import for auditors a kind of duty to supervise concept, rather than respondeat superior, to determine firm liability, with a defense or limited liability cap if the firm discharges its duty to supervise.

What do you think of that?

Mr. Weiss: You mean if Arthur Andersen has three incidents of document destruction in ten years, that was the pattern of conduct that would impose liability on all the partners?

Mr. Mundheim: No, no, no. This would be —

Mr. Weiss: Because they failed to supervise properly? Is that what you're talking about?

Mr. Mundheim: Well if, for example, you might have a disciplinary proceeding against the firm for failing to have appropriate procedures, failing to implement them, yes. That's a mechanism available in the securities industry.

Mr. Weiss: I'm more sympathetic to working out a reasonable joint and several liability contribution, based upon an assessment of the degree of risk and taking into account the inability to collect from others as maybe one of the factors, than I am in using that kind of punishment as an alternative, because I don't have confidence that we're going to be punishing many people, quite frankly.

Mr. Copeland: Just one other comment.

You know, the auditing business is basically not a business where you can effectively transfer risk today, before Enron. Tactical amounts of insurance can be obtained, but not strategic amounts. So that you can, in fact, transfer minor amounts or, again, tactical levels of risk that might protect for the business-as-usual kind of events. But, you really can't protect yourself through insurance.

And that, also, I think, is a statement about whether or not the litigation environment is adequate today under current law. If it is, surely you should be insurable. And, in fact, the situation we find ourselves in is we're only able to insure ourselves at tactical levels, not at strategic levels.

Mr. Buffett: You're not going to get a policy from me.

[Laughter]

Mr. Mundheim: I was afraid you'd hear that.

Well, I think that brings us to the magic hour of four. Thank you, very much, to the Panel.

I don't know whether or not the Chairman or Commissioner Glassman may have a question or so that they want to direct to the Panel?

Mr. Pitt: Well, I won't speak for Commissioner Glassman, but I don't have any questions that I would put right now. I've got about twenty pages of questions, however, to still be pursuing.

But, I'd like to thank you, Bob, for moderating, and all of our Panelists for a very enlightening discussion. [Applause] (Whereupon, the proceeding was concluded.)