Jack Reed actually said...

"Yes. Mr. Long, the same sort of set of issues about reliance upon information and being a captive of the regulated entity."

"I would hope it would be public."

"I would presume, and correct me, that those procedures, those appropriate procedures you described, were not being deployed very successfully at Bear Stearns or Lehman Brothers."

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