Jack Reed actually said...

"This financial crisis has demonstrated that, contrary to the presumption of many, financial institutions were unprepared and in many cases incapable of adequately assessing the risks that they were be..."

"Yes. Mr. Long, the same sort of set of issues about reliance upon information and being a captive of the regulated entity."

"I will say, though, that in terms of really doing our job, if we sense that there are deficiencies and need to do more than the functional regulator is doing, we do reserve the ability, I think--under..."

"Well, let me raise--because this has been publicly discussed."