"Because now we have become criminally negligent if, in fact, we are using selective tools of enforcement for one thrift organization as to another."
"OTS relied largely on WaMu management to track progress in correcting examiner-identified weaknesses"
"I would put forward that we are about to make the same mistakes that we are claiming and accusing those that are coming before us of."
"But the data that we showed showed that the people on the ground, the ones that are actually doing the auditing, actually were following guidelines, were they not?"
"I come to the conclusion that actually investors would have been better off had there been no OTS"
"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."
"So no proof of income, just a statement of income?"
"In other words, there would be a geographical difference?"