Jack Reed actually said...

The trillions of dollars in losses stand as witness to the many failures of risk management at these firms.

This financial crisis has demonstrated that, contrary to the presumption of many, financial institutions were unprepared and in many cases i...

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.