Jack Reed actually said...

"I think it also is a strong case, in my view, for a very clear but very strong Volcker Rule."

"But that leaves us in a situation of how do we build in, because our responsibility--build in rules and regulations that prevent, as you would say, well-intentioned, extremely bright people from doing..."

"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."

"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..."