Carl Levin actually said...

"business has taken proactive steps to position the firm strategically in the ensuing mortgage credit and liquidity crisis."

"You did not disclose to ACA that Paulson was on the short side of this deal. Is that correct?"

"Do they have a belief that you, at least when you are going out peddling securities, that you want that security to succeed?"

"I think in those transactions in which we underwrote, I believe, and I am not looking at specific--in fact, my understanding is that is disclosed, that we can have a short or a long position in those ..."