GARY G. MILLER: “But the idea behind an Inspector General, which I have come to admire, is that there is an independent watchdog within…”

I have some real concerns with that. I have had a concern with the definition between subprime and predatory for years, and I am glad to see we are going to finally deal with it.

I enjoyed your opening statement. You talked about empowering consumers, fair, transparent, and competitive marketplaces, and dealing with bad actors.

I have always had a problem with the way they were fundamentally flawed. You had a hybrid situation where the private sector made all the profits, and the taxpayers took all the risk, which was problematic from the beginning.

But, Mr. Secretary, this conversation is not just about the vulnerability of LIBOR to manipulation, but, in fact, an admission that it was, in fact, being manipulated, that there were false reports being filed by someone who was involved…