Jack Reed actually said...

"I think they should be able to move without a termination fee on post when that housing becomes available."

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

"And the irony to me is that if there was a good Volcker Rule in place, they might not have been able to do this because it clearly does not seem to be hedging customer risk or even the overall exposur..."

"I do believe the people doing it thought that they were maintaining a short against high-yield credit that would benefit the company in a crisis."