Jack Reed actually said...

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

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 ...

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 cr...