Jeff Merkley actually said...

"I just wanted to make sure I captured your comment correctly, that the credit default swaps were the great enabler of the major financial meltdown we are experiencing."

"I will say it is kind of a sad commentary on our regulatory system if all it takes is changing the name from insurance to swap in order to bypass regulation."

"There has been discussion about whether you could have categorized credit default swaps as insurance."

"So several people have spoken to the role of the AAA rating as being borrowed or used, if you will."