Richard Shelby actually said...

"Governor, over the past year, our largest bond insurers have teetered on the edge of collapse due to imprudent bets on the value of mortgage-backed securities."

"I think that as we hold more hearings, we are going to see that this is very complex."

"Today, the Committee will once again consider insurance regulatory reform."

"Recent events--most prominently, the stunning collapse of insurance giant AIG--have only further demonstrated the pressing need for a review of our insurance regulatory structure."