Carl Levin actually said...

"all of those decisions are made on a very long-term basis."

"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 accurately."

"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?"

"Which is a little different from what you said, which is that they 'get the information on those positions on a regular and recurring basis.'"