09/12/2012
https://www.congress.gov...
"[F]remont refused to make any forward looking statements so we really got nothing from them on the crap pools..."
"Well, is that what you mean by reverse, that the person that comes in--is that what is meant by that term?"
"Well, if it weren't for the big short, you would have been deeply in the red that year, wouldn't you?"
"According to the figures which we got, net profits from shorts, $3.7 billion. Net losses from longs, including the inventory pieces, which had been there for some time, were $2.9 billion."