You are betting against the very product you are selling, and you are just not troubled by it.
That is being in a conflict of interest situation.
That was a strategic positioning for the firm, is that correct?
You sold about $700 million in subprime residential mortgage-backed securities, helping Fremont do that.
If you have an adverse interest to your client when you are selling something to them, do you have the responsibility to...
It is gambling--pure and simple raw gambling.
I have difficulty when a firm such as yours has a strategic position to basically invest against the market.
According to the figures which we got, net profits from shorts, $3.7 billion. Net losses from longs, including the inven...
Well, is that what you mean by reverse, that the person that comes in--is that what is meant by that term?
[F]remont refused to make any forward looking statements so we really got nothing from them on the crap pools...
Did you not have a responsibility to answer a direct question, how can you get comfortable with these products from that...
You participated in the deal as one of the protection buyers.
Clearly, this system must be reformed so that Wall Street banks are not seen and do not act as unscrupulous operators wh...
You did not tell them you thought it was a shi**y deal?
So they thought you are on the long side, but not told you are on the short side of the same deal...
You also took out a short position. Do you know how much you made?
Don't you also have a duty to disclose an adverse interest to your client? Do you have that duty?
Should you have told that client--when they asked how are you getting comfortable with this, should you have told them y...
