[flexcoders] Replacing Caret character in text

[Amy]

I'm trying to work around the bug in Flex that adds carriage returns 
around html tags in XML, even ones wrapped in CDATA.  So, I figure the 
caret character is the closest match for the < (&lt;) for my client to 
easily be able to edit the XML files without having to learn a whole 
lot of code or having to write an editor for them.

The code I am using is:

var caret:RegExp = /\^\g/;
theText=contentItem.valueOf().toString();
theText=theText.replace(caret, "&lt;");

but nothing gets replaced.

What am I missing?

Thanks;

Amy