04/12/2011
https://www.congress.gov...
"And I think this goes back to Senator Collins' question where she asked you do you have a duty to act in the best interests of your clients."
"They never contemplated--they never worked into their models the kind of move that occurred in the market."
"But the market-making business does not have the same disclosure rules as the other one does."
"Right, but so let me ask again: Goldman sold a synthetic collateralized debt obligation without disclosing that a hedge fund manager, John Paulson, helped design the CDO and was betting against the CD..."