Carl Levin actually said...

"The real problem is not that the market does underweights rating quality but rather that, in some sectors it actually penalizes quality by awarding rating mandates based on the lowest credit enhanceme..."

"It hasn't been a pretty picture so far and I don't think it is going to improve, although, frankly, the beginning of the Senate debate on strong financial reform next week does give us some hope."

"Your involvement, all of you, is a major contribution to our security."

"In other words, they did not accomplish very much."