Chuck Schumer actually said...

"I am proposing, in addition to Senator Reed's bill and the Administration's proposal, that for every ten rated products, the SEC would randomly assign a different rating agency."

"Yes, but, OK, two points I would make. My time is up. But, number one, it would be done on a random basis and secretly, number one."

"We cannot overestimate the impact this had on the financial crisis."

"And, second, your proposal, of course, is not mandatory, and simply giving the information, if everyone is in the same boat--and just a few of them doing the same practice might prove to have the same..."