So the market share was a factor there as well as to whether or not you would use the new available information to re-rate the existing securities?

And have you seen reports that the Paulson firm shorted the ABACUS transaction using Goldman Sachs as its agent?

And if they were being used to short the market, would that be saying something about the quality of the reference to the assets?

And the great demand for mortgages for that purpose?

Well, I could not agree with you more.

Well, that is not the part of the testimony he finally acknowledged, which is they were short of resources and didn't get what they requested.

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?

The bank got their way. Don't assign that person to me from now on.

Going back to this question of what happened late in 2007...

And you were making pretty good profit at that time, though, weren't you?

I think that the agencies really went overboard here and really went off the deep end.

Those are risks and they must be managed properly so that the rating system is not compromised in any way.

You did not use this revised model to reevaluate existing RMBS securities, is that correct?

Shouldn't their collateral be treated differently if it is not performing?

It was transmitted to the analysts that market share was important.

The problem is, outside of the great people that inhabit the United States, that the two greatest things that make this country great are democracy and our capital markets.

That constitutes a risk to ratings quality.

It should affect the analysis, as you indicate, but it did not affect the analysis here.

Market share mattered to him, wouldn't you agree, Ms. Barnes?

So, again, when they said in that email no special measures, there should have been special measures taken?

You are going to need to start downgrading. We need people. We need resources now.

You were aware of that?

Preserving market share mattered, isn't that what he is saying, point blank?

There are some things, it seems to me, that are clearly wrong that happened and should not happen.

I have been a mortgage broker for the past 13 years and I have never seen such a lack of attention to loan risk.