Jack Reed actually said...

"You know, where was the risk assessment at the enterprise, as you described it?"

"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..."

"And it raises the question with respect to the Federal Reserve that if these documents are solely within the purview of the Federal Reserve, how is the broader financial community and the broader comm..."

"I would presume, and correct me, that those procedures, those appropriate procedures you described, were not being deployed very successfully at Bear Stearns or Lehman Brothers."