Were you aware that the FBI in 2006 reported that the number of suspicious activity reports surrounding mortgage fraud rose by 700 percent?
Did Moody's reevaluate wholesale or just certain transactions?
So you didn't retest your old deals. You just disclosed the new rating to the marketplace?
I would like more candor from senior management about our errors and how we will address them in the future.
It should affect the analysis, as you indicate, but it did not affect the analysis here.
So, in this case, these ratings were downgraded within a year and are now below investment grade. These are junk.
And have you seen reports that the Paulson firm shorted the ABACUS transaction using Goldman Sachs as its agent?
I objected to it being the driver. I went ahead and tried to prevent us from what I believed was committing securities fraud.
And were you or your staff aware at the time that Moody's was working on the ABACUS rating that Paulson was shorting the assets in ABACUS?
Well, I could not agree with you more.
When you were there, that is the way it was handled?