Joseph Morelle actually said...

"It seems to me that if one institution needs hedging and they go to A and A says sure, I will hedge with you, then A has this risk."

"I just can't imagine the regulatory arbitrage problems that we would have if we broadened this to 50 jurisdictions within the United States."

"I happen to believe that is a specious argument, and that it is the requirement of this argument to ferret out potentially illegal activity and protect the citizens of this nation."

"CDSs are, in fact, a species of insurance, and naked swaps are more akin to gaming than insurance since they lack insurable interest."