“This is not a speech about how...

“This is not a speech about how liquid and strong the nation’s securities markets are, bestowing kudos on your for a job well done. This is also not a speech in praise of the integrity of the securities industry, dismissing you to go off to cocktails and continue as before.

“That speech would be the equivalent of father turning the keys of his shiny new Porsche over to a son who had, over the last three weeks, totaled the family wagon and RV, flunked two courses and broken curfew every night.

”. . .If you don’t immediately set to putting your houses in order, it will be done for and to you. I really don’t thing you want a federal cop on top of every one of your computer terminals.”

--U.S. Rep. John D. Dingell (D-Mich.), speaking to the Securities Industry Assn.’s annual government relations meeting.