Chuck Schumer actually said...

"The bottom line is, while the SEC may need new laws and new tools, they had all the laws necessary on the books to catch Madoff."

"If you could go lower, would you give them a lower grade than that?"

"The SEC apparently couldn't hit the broad side of a barn if you gave them a shotgun and directions."

"It is clear the system as it exists is broken, and I want to look forward to working with Chairman Dodd, Senator Reed on his excellent proposal."