I want to get your assessment.

Well, it would certainly look like it would be since the email is directed to you.

Why would somebody not buy protection on the lowest potential performing component of the deal and buy long on the top end of the deal?

Your job also is to keep customers, isn't it?

Portfolio manager, OK. That fits.

Just to be clear, I have a little difference with the Chairman on the idea of shorts.

So they might straddle that for their own insurance, but that is it?

At no time did you infer that, tell them that, or state that, at any time with ACA?

OK. Thank you.

There has never been a position change like what took place in the last 4 years in this country in the mortgage markets.

Do you think it was ethical for Goldman to release all the personal emails of Mr. Tourre?

We care very much about ethics at Goldman Sachs and we don't believe in any way, shape, or form that our compensation is not consistent with people having good ethical standards.

Understand. I have no criticism for that and I am not making any judgment on it.

That is what it says.

I am not saying there is anything wrong with the strategy. I did not say that.

It is smart, if you see a market tanking, to get out of the market.

OK, but the point is the desk was no longer buying subprime, and you knew that.

One of the desks that would buy subprime mortgages, correct?