Joseph Morelle actually said...

"You contrast that with the financial services arm of AIG, unregulated, and by virtue of the Commodity Futures Modernization Act unregulated by the states and by the Federal Government."

"I would point out that, as it relates to state regulation of insurance companies, that we have reserving requirements and insolvency tests."

"I would argue a couple of things."

"I would also say, when the airline industry is mentioned as suffering from this, I expect you will hear from the airline industry that it suffered substantially from the deregulation that it experienc..."