Do you believe that Goldman's actions contributed to the financial downturn we experienced in 2008?

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 CDO.

And those rules work well, those disclosure rules work well.

Why would your company ever want to use an off balance sheet investment vehicle? Why would you all ever do that?

They never contemplated--they never worked into their models the kind of move that occurred in the market.

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.

Thank you, Mr. Chairman, and I want to thank you for having this hearing this morning.

But the market-making business does not have the same disclosure rules as the other one does.

And when you have compliance, are you talking about compliance with SEC and other rules and regulations, or are you talking about compliance with your own company policy?

Let me ask, if I may, and I am not sure which one, but I will go ahead and ask this to Mr. Broderick.

Well, that was one of my questions that I was going to follow up with, is what are the lessons learned from this most recent financial crisis and what is Goldman doing differently internally now that you have had to go through the bailout…

In retrospect, they were inaccurate.