Chuck Schumer actually said...

"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."

"I think that, in our judgment, one of the reasons it is so critical to move on financial regulatory reform this year is precisely that."

"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."