Chuck Schumer actually said...

"Today's SEC appears stagnant and behind the times, almost always closing the barn door too late."

"We need to have a real auditor that has some accountability."

"The Bernie Madoff fraud was a punch to the gut of our financial system which was already reeling from too many haymakers."

"I am confident that the changing of the guard, particularly the appointment of Mary Schapiro as the new SEC Chairman, will be a good start toward reforming the SEC."