"We need to make sure we get rid of this Swiss cheese approach to regulation."
"This problem we are in the middle of the crisis now of too big to fail."
"I just do not want to be here 5 years later looking at what the next round of new products would be and say, 'Why didn't we see that ahead of time?'"
"I think we will get to some stance where we will have some level of regulatory oversight."
"Why has there not been a more focused effort on making sure that some of these counterparties--you are not even going to tell us who they are--at least take a haircut?"
"AIG still racked up subsequent to that, wasn't it north of $64 billion in losses?"
"We, the American taxpayer, have taken a high-flying company that was doing what most of us would believe in a normal market circumstance was high risk."
"So the vast majority of these counterparties are U.S., not foreign?"
"There is a huge moral hazard here."
"But I think what you are also saying--I know my time is up, I apologize, Mr. Chairman--but you are telling us, Congress, go fix this."
"And my last--my time is up, but if in just maybe a straight yes or no on whether I am hearing you correctly."
"Obviously, I think some on the Committee question that."