Carl Levin actually said...

"How long it took the regulators to figure out what was going on in the Flash Crash is a direct result of the fragmentation of regulation."

"Fractured Markets. The first fact we need to grapple with is that our markets have changed enormously in the last 5 years."

"This was not so much a crash based on some glitch; this was an intentional effort on the part of somebody who had as little as $30 to $50 million and a few computers and a couple programmers."

"The merger of the data not just at the executing levels but also the exchange order books, and that is absolutely essential."