I can also promise you rating agencies are going to be very much a part of our overall effort.
It would be a mistake to paint every financial institution with the same broad brush.
We are going to again explore ways in which we will try to modernize and improve bank regulation and supervision.
I'm disappointed, frankly, that those who requested this kind of a change didn't have the courage to stand up a couple of days ago and admit...
But shouldn't that have raised a red flag? You are the experts in this area, and you were watching people get loans with no documentation, t...
The administration had expressed reservations about the amendment. They came to us and asked for modifications.
People are furious right now, and they should be.
A year later, taxpayers are forced to pump billions of dollars into our major banking institutions to keep them afloat.
There were hundreds of thousands of bad loans. Hundreds of thousands of them.
We do not have a table big enough.
We are going to want to have as many conversations as we can with you as we move forward on how to develop these ideas.
Doesn't that lend itself to shopping again here?
A year ago, this Committee heard from witnesses on two separate occasions that the banking system was sound.
We have got to figure out a new direction--that can't go on, in my view.
Just following up on the Senator's question, how many of those banks did you find that violated your guidelines?
I do not think you can get away by suggesting--I say this respectfully to you--that because they have not been held at the institution...
I get uneasy about the fact that the Fed is the lender of last resort.
With all due respect, this is the problem. In a sense, we talk about too big to fail in the sense of private institutions.
