Jack Reed actually said...

Blame must primarily be placed at the feet of these financial institutions which gambled and then cashed in on exorbitant transaction fees f...

The governance structures, the firm managers, and sophisticated models all failed to capture the magnitude of the risks that were building.

When self-interest and market discipline break down, we hope that the safety net of regulators will guide us out of the storm.

The trillions of dollars in losses stand as witness to the many failures of risk management at these firms.