Joseph Morelle actually said...

"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..."

"I have a lot of sympathy for that, but I suspect that maybe a lot of what you want to accomplish can be accomplished by simply having CDSs cleared."

"What worries me that everybody is going to have these position limits, on-exchange off-exchanges, that means that market makers... could be caught up in this."