Tom Coburn actually said...

"The lesson of OTS is not that we necessarily need more regulators, because clearly regulators can suffer the same flaws as banks--selfishness, shortsightedness, ineffectiveness."

"Well, I would have no doubt that OTS has a system today, especially in light of the hearings that have been held."

"Make the loans, package the loans, sell the loans, collect the money, with a small residual for WaMu in terms of risk."

"In hindsight, it looks like this was systemic activity."