Carl Levin actually said...

Is it not obvious what was happening here, that these prices were being changed in order to reduce the loss on the books?

Levin questions the manipulation of prices to hide losses.

03/14/2013

More Carl Levin Quotes

These regulatory capital requirements are one of the most important tools that we have to ensure the safety and soundness of our financial s...

So that was just a failure at the OCC.

So what you said is not exactly accurate on that day. Is that correct?

Now, in May 2012, after the media disclosure of the whale trades, the bank determined the new VaR model was not portraying the SCP's risk ac...