Jack Reed actually said...

"It seems that their model, their VaR model, was loosened up considerably, giving them the opportunity to engage in more risky activities."

"So there is a possibility, in fact, if it is done correctly and proposed, which I hope it is, that it could have avoided this situation?"

"I think this is a very important hearing because the issues that have been raised go right to the capability of large, complex international financial institutions to manage risk."

"I think it is really incumbent upon the regulators to figure out how to write a rule that allows legitimate hedging to go forward as it needs to, but it must be really, genuinely risk-mitigating hedgi..."