Jack Reed actually said...

"When self-interest and market discipline break down, we hope that the safety net of regulators will guide us out of the storm."

"The governance structures, the firm managers, and sophisticated models all failed to capture the magnitude of the risks that were building."

"Blame must primarily be placed at the feet of these financial institutions which gambled and then cashed in on exorbitant transaction fees for creating exotic new financial products."

"But there is another way sort of to get the message across to the marketplace, and that is enforcement action."