[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?
According to the figures which we got, net profits from shorts, $3.7 billion. Net losses from longs, including the inventory pieces, which h...
I have difficulty when a firm such as yours has a strategic position to basically invest against the market.
It is gambling--pure and simple raw gambling.
If you have an adverse interest to your client when you are selling something to them, do you have the responsibility to tell that client of...
You sold about $700 million in subprime residential mortgage-backed securities, helping Fremont do that.
That was a strategic positioning for the firm, is that correct?
That is being in a conflict of interest situation.
You are betting against the very product you are selling, and you are just not troubled by it.
Thank you, Mr. Chairman, and, again, I congratulate you for this in-depth investigation.