Carl Levin actually said...

A lack of controls for fraud, according to this report--this is your own internal report--has existed for some time.

Levin points out the long-standing issues with fraud controls in the company.

04/12/2010

More Carl Levin Quotes

They can point to them when they come to telling the folks they are supposed to regulate, Hey, this is the law, we are going to enforce it.

They were ineffective.

I think the American taxpayers and the American people expect a lot more from their regulators than what we have seen in this situation.

All right. The IG report... found that Option ARMs were 47 percent of the loans in WaMu's portfolio.