Hundreds of thousands of people may have been denied access to credit as a result of a specific interpretation of the Credit Card Accountability Responsibility and Disclosure Act, known as the CARD Act, Mr. Cordray said.

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It is also happier dealing with specific issues of interpretation than in painting broad confident canvasses.

FORBES: Fact and Comment

"In this specific trial, the use and interpretation of evidence was discussed, " but the picture should become clearer when the full reasons for the court's ruling are issued in the coming weeks, he said.

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Nor has the CFTC cited to any prior interpretation in which the CFTC took the position that the specific language of Section 6a(a) (now Section 6a(a)(1)) was ambiguous on this point.

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It's the law because our courts have recognized that if a criminal charge is to be based on the words uttered by a fallible human being, he must be allowed to defend the truthfulness of the specific words he used and not be convicted on the basis merely of some prosecutor's summary or interpretation.

CNN: Transcript: White House Counsel Ruff's opening statement