Carl Levin actually said...

"The operational problems--the spreadsheets, the lack of an automated database, the calculation and formula errors which lower these VaR results--were shocking and absolutely unacceptable."

"Was it a coincidence that the way in which those marks were made changed to reduce the losses on the books at the time those losses were piling up?"

"And then you mean that you would see where the review led to, but your first reaction would be this is a troublesome idea and we better look into it? Is that fair?"

"All right. So that this is wrong, this email is wrong. Is that correct?"