Barney Frank actually said...

The problem was not so much that we deregulated as a society, but that we did not have new regulations to keep up with new activity.

Mr. Frank. Mr. Garrett, if it was a serious question, you wouldn't ask it with no time left.

I look forward to congratulating you, Mr. Chairman, on a fourth anniversary coming up.

What the law says is you may have to pay some of their debts, as Ronald Reagan recognized in 1984 with Continental Illinois.