Carl Levin actually said...

"But its general direction, its general theme is to lead to tougher risk controls, is it not?"

"The individual trades, the positions they were taking, they did not get your approval."

"There was no relationship between the fact that the losses were piling up and that there was a way in which the marks were made to reduce the impact of those losses on the books."

"I would have considered that is the wrong thing to do."