I'm going to give you one more example to try to really nail this down, one more numerical example, which is again from Stigum. She talks about something called a money market swap which is more of a short term instrument. Here I was talking about five year. Five year Eurobonds here. She talks about a money market swap and she gives some concrete numbers again. But again, in order to understand her example, I think you need to rearrange these numbers in balance sheets so that you really understand what's going on. So I want to walk through that now and give you another example. And this one has a dealer in it. So that's why it's also good. In this case, we're talking about most of the money market swap market is interbank market. She talks about a bank, a AA bank that receives from some client a one-year deposit. But they don't want to have a one-year deposit for whatever reason, they're looking to match their assets and liabilities perhaps. And they would like a floating rate deposit. And so they do a swap with JP Morgan. So that's our investment bank in the middle here. And that swap is one year on one side and three month LIBOR on the other side. So you can see how that works. And for Morgan it's three month LIBOR and one year on this side. I'm putting these in parentheses because that's not the actual swap, this is the parallel loan, the notional swap of parallel loans that's not actually what's happening. There's a swap and she gives us some prices on this, there's a swap at 4.44. So now we know how to understand that quote, right? What that means is that's the fixed rate, that's the one year rate, 4.44, and this is the floating rate, LIBOR. So it's the one year against three month LIBOR and three month LIBOR, we don't know what it's going to be. It's going to fluctuate over the year. But we know what the fixed rate is and so we quote prices in that. But now Morgan has a problem. They now are are exposed to some interest rate risk and they don't like that and they're a dealer. So they might hedge short term in the futures market or the forward interest rate market or something like that, to hedge short term until they can find somebody over here, LBO, who wants to swap the opposite direction. And the example she gives is LBO was able to raise money for a floating LBO for a leveraged buyout. And they got a bank loan that is a three month floating loan and they would like to swap that into something a little longer like one year. And so that's what we do: one year, three months, three months one year. Again, I'm showing the notional parallel loan structure here, and we'll have the swap. Actually putting it on the balance sheet here. And the price she quotes for that is 4.47, 4.47. So that's three basis points that is the profit of Morgan for setting this thing up. Now at this point somebody always says has to me, "But, wait a minute. That number is bigger than that number. This is a liability, this is an asset. What's going on? That doesn't look like profit to me." But that is again where the lingo trips you up, because if you look at the actual structure you see this 4.47 is what we're being paid on that, and this 4.44 is what we are paying on that. So we're actually getting 4.47 and we're paying 4.44. And these are both three month LIBOR and so they net. And so we're making three basis points. Just the fact I'm booking this swap as a liability because it's called being short the swap, and selling the swap. And so I'm putting it there. But that doesn't mean- so you don't want to just subtract assets from liabilities and say net worth or something because it's not really right. Think about the parallel loan behind the scenes and then you'll see that it's really they're getting paid 4.47 here and they're paying 4.44 there. And so there's a three basis point spread.