Joseph Morelle actually said...

"I certainly don't dispute the fact that credit default swaps play an important role in our financial institutions, but they are insurance, they are a financial guaranty and ought to be treated as such..."

"I believe we do, and the superintendents of the various states together with NAIC, which is their organization, in conjunction with NCOIL would certainly be able to put standards in place that would m..."

"I would just like to note that the argument that naked CDSs, as I would define them, that don't provide any hedge at all but are purely speculative, aren't a tool for risk management since there is no..."

"Well, thank you Congressman. I just would point out, as I mentioned in my testimony, that if you look at AIG from the perspective of the state-regulated companies, AIG has many state-regulated insuran..."