Richard Shelby actually said...

These failures are not isolated. They cut across the agency's many functions and have had serious consequences.

Improvements in both programs will be necessary, if not imperative, to ensure that the SEC fulfills its investor protection mandate.

I think, Ms. Schapiro, that they are central to any regaining of trust in our securities industry.

I have argued myself that any efforts to fix our financial system should begin with an evaluation of what exactly went wrong.