08/03/2010
https://www.congress.gov...
"You participated in the deal as one of the protection buyers."
"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."
"Well, is that what you mean by reverse, that the person that comes in--is that what is meant by that term?"
"[F]remont refused to make any forward looking statements so we really got nothing from them on the crap pools..."