concurring in part.
Like Mr. Justice Stevens, I refrain from joining Part IV of the Court’s opinion. I, too, regard that part as unnecessary for the decision in the instant case and, indeed, as exacerbating the concerns I expressed in my dissents in Blue Chip Stamps v. Manor Drug Stores, 421 U. S. 723, 761 (1975), and in Ernst & Ernst v. Hochfelder, 425 U. S. 185, 215 (1976). I, however, join the remainder of the Court’s opinion and its judgment.