Let me just--on the surface, some of the worst cases of fraud have been hiding in plain sight.

I believe that in fact it is important for members of the Division of Enforcement to consult with individuals in other offices and divisions on issues within the expertise of those offices early in an investigation and throughout an…

It has been a difficult lesson.

Yes. A general question for everybody. Of you sitting at the table, how many believe that the Federal Reserve is an independent agency?

Are they an independent agency? That is the question.

If you think that the Fed is an independent agency, you are smoking something that is illegal.

We do not need to give the Fed more power because they are no longer an independent agency.

We should at least consider if we can accomplish the goal of a more stable system by making sure the parties to financial deals bear the consequences of their actions.

For this one community bank, it was a 1,000-percent increase in their assessment.

We all want to make any changes we can that will prevent this from happening again.

It is just scary.