Jack Reed actually said...

"I hope that if we do anything on corporate governance, I hope that it is modest and we realize that at the end of the day, a lot of factors led to the failures that we have had today."

"We have also examined problems that resulted from regulators simply failing to use the authority they had."

"Today's hearing will focus on corporate boardrooms and try to help us better understand the misaligned incentives."

"This hearing will help determine where the corporate governance structure is strong, where it needs improvement, and what role the Federal Government should play in this effort."