Jack Reed actually said...

"There are basically three approaches: one is to regulate the fund; two is to regulate the advisers; or three is to give the SEC the authority by regulation to set up rules for exempt entities under bo..."

"I think just a comment. I think this approach of getting the information might also ultimately be beneficial to some hedge fund participants."

"I appreciate the fact you seem to speak favorably of the approach of investment advisers."

"I guess we will have to bring back the draft, Jim."