Frank Lucas actually said...

"This is something that has been in the works really for a decade, and the U.S. prudential regulators have put out a proposal that really gold-plates compared to what the Europeans are doing."

"Insurance is, has been, and should remain a State-regulated product, free from the involvement and clutches of meddling Federal bureaucrats."

"We have heard from the witnesses today about the unprecedented pace and scope of the SEC's rulemaking agenda."

"If you take that capacity out of the market, you are going to have a knock-on effect into not just investment returns, but the ability of corporate communities and others to raise credit and capital."