Thanks John, interesting thoughts. I was also at the seminar and the main point I took away was the inadequacy of our current, fragmented policy frameworks. Competition law, network regulation, media policy, human rights, international tax law —the activities of the new trusts touch all of them. But none offers a clear or apparently effective way of addressing the challenges we discussed. The fragmentation of the relevant authorities in Europe and the US is part of the problem, making global alignment difficult. But moreover each of these policy levers can only act on one aspect of a set of activities by the companies in question that needs to be seen as an integrated strategic whole — as your post highlights.