Carl Levin

You are telling us that you don't know that AAA ratings are important to investors?

I know the because, but you put a huge amount of value at risk to go short in that market.

You told the Board that you reversed the long market position.

Everything is local.

OK. Well, this is a letter that Goldman Sachs sent to the Securities and Exchange Commission on November 7.

If it is not unmanageable for you, it is kind of disgraceful from the taxpayers' point of view that you end up with taxpayers' money which we don't owe you.

The U.S. Government decided not to allow AIG to default.

But you were paid a whole bunch of money by the Federal Government.

These credit default swaps that you engaged in, these synthetics, in my judgment and I think most people's judgment, do not serve a social purpose.

That was the profit they made.

The bubble burst in 2007. We are looking at the causes of that bubble bursting.

You shorted synthetics.

You shut down all residential mortgage warehouses.

Do you consider that a tremendous profit?

You don't acknowledge it is big time. You said it was, what, a small net short.

You intended to keep short positions in all kinds of transactions we went into today.

You reduced [your] loan purchases.

You increased protection on disaster scenarios.

You shouldn't be selling junk. You shouldn't be selling crap. You shouldn't be betting against your own customer at the same time you are selling to them.

You want to be trusted. I am glad you want to be trusted, but I think you can understand why there are a lot of folks who have some real doubts...

It is important to note however that we are active traders of mortgage securities and loans.

If you think $12 billion is a small net short, the answer is, you think that is small.

So why do you end up with $2.5 billion of taxpayers' money in your pocket when we don't owe you the money?

You don't know whether TARP funds that went to AIG then came through to you?

You are not aware that your own firm argues for large AAA tranches?