Jack Reed actually said...

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

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

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

"Blame must primarily be placed at the feet of these financial institutions which gambled and then cashed in on exorbitant transaction fees for creating exotic new financial products."