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."

"I think we are going down the road of looking at a very comprehensive regulator for all our financial system."

"Given the importance of insurers in our markets and overall economy, I believe we should at least consider whether additional Federal oversight is needed."