Carl Levin

But if that cannot be done or is not done this year, why not take the revenues from these loopholes which have no economic purpose, other than tax avoidance, and take that revenue to end sequestration?

I think that tax reform, as you talk about it generically, needs to contribute to the deficit reduction effort.

I share your hopes that this nomination can be acted upon quickly.

We sure do not want them to grow any further.

I think that most of us, maybe all of us, agree that we need to have a credible commitment, the earlier the better.

Whoever was responsible for targeting that celebration, whatever their twisted motives, they will fail.

America has demonstrated a remarkable resilience throughout its history and a firm determination to bring justice.

The perpetrators of this attack will feel the full weight of that justice.

Corporate taxes now account for a historically low percentage of all Federal revenues.

The percentage of our GDP that comes to the Federal Government in the form of revenues is at a historic low.

I know you have talked about the deficit and how to go about addressing it and how you would recommend that we proceed with deficit reduction.

Both Democratic U.S. Senators, Carl Levin and Debbie Stabenow

We identified serious risk management weaknesses throughout the entire Firm, and they became particularly evident in the CIO office.

We recommend that regulators finally issue the long-delayed final rule implementing Merkley-levin provisions of Dodd-Frank, which are known as the Volcker Rule.

The bank needs to provide true, accurate, independent marks every day.

I cannot believe general accounting practices allow this to happen.

Now, it seems to me that the numbers tell the story, just as the OCC examiner told us.

Well, in general, let me ask you, Mr. Curry, what is your reaction to that activity, reducing the RWA not by selling risky assets but by designing models in order to produce lower numbers?

Now, when the bank reviewed the new model for approval, at that time it said that implementation issues, certain issues, had to be worked out before the model was activated.

Well, that is looking forward, but, again, analyzing what happened here, I will go back to you, Mr. Waterhouse.

We have gone into the concerns which we have had about the whale trades all day long.

I think it is imperative that we adopt an interagency rule on the Levin-Merkley provision, or the Volcker Rule.

We recommend that banks be required to create contemporaneous documentation that identifies the assets being hedged.

I think today they acknowledged it was not a hedge.

It would sure be 'helpful' if you could 'tweak' that mark, that is inconsistent with what the bank is required to do?