Jack Reed actually said...

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.

Having listened to that, it is, I think, very insightful, and it seems to be a great approach.