Why would your company ever want to use an off balance sheet investment vehicle? Why would you all ever do that?
In the past 25 years, America has seen an increasing number and severity of financial crises.
In retrospect, they were inaccurate.
Listen, I think the financial reform is a good step.
They never contemplated--they never worked into their models the kind of move that occurred in the market.
So they are disclosed? The off balance sheet is disclosed?
There is a company that is based in Little Rock named Stevens, Incorporated.
Let me ask, if I may, and I am not sure which one, but I will go ahead and ask this to Mr. Broderick.
And those rules work well, those disclosure rules work well.
But when it comes to doing something like selling CDOs, do you see any conflict there, or do you just see that as a func...
I think that there is a lot of concern with the general public--and I know I am speaking for Arkansas here--that people ...
And does that present any conflicts of interest in your mind?
I know Senator Levin just mentioned the fact that I think the credit rating agencies, they played a role in all this, as...
Tell me what you mean, you are not sure.
I guess really the question for Goldman Sachs is, are there times in which you recognize a conflict?
Isn't it true that you are a placement agent and as a placement agent you have a duty of full disclosure?
Right, but so let me ask again: Goldman sold a synthetic collateralized debt obligation without disclosing that a hedge ...
But the market-making business does not have the same disclosure rules as the other one does.
