Tom Coburn

I am not saying there is anything wrong with the strategy. I did not say that.

At no time did you infer that, tell them that, or state that, at any time with ACA?

It is smart, if you see a market tanking, to get out of the market.

OK, but the point is the desk was no longer buying subprime, and you knew that.

One of the desks that would buy subprime mortgages, correct?

I think it would be very difficult to reinstate Glass-Steagall.

What is the purpose of that disclaimer?

So there wasn't a negotiation between the Treasury and Goldman on the AIG collateral?

These are not your records. I take it back. They are ACA records.

Of the securities that were kicked out of the Abacus deal, do you have any knowledge anywhere that anybody in Goldman created a short position on those securities that were kicked out?

Did you ever tell ACA Paulson would be an equity investor?

The market fundamentals in subprime and the highly leveraged nature of CDOs was going to have a very unhappy ending.

I think there are issues with the Volcker Rule.

We need to fix the real problems, not the symptoms.

How is it that Goldman got 100 percent payback on this collateral dispute with AIG?

Were they selling those long positions for the benefit of the customer or for the benefit of Goldman?

Well, whatever portion it was, in the year that it should have been paid, it wasn't.

But explain to us the difference between those two as you see it and as you lead this firm.

What was the indication for the trading--why would you short Bear Stearns after they had just bought $300 million worth of Timberwolf from you?

OK, but that is the same thing as saying they are going to buy a short position.

I cannot believe that when you execute a strategy to take advantage of greater knowledge within your firm to increase the return for your firm that you can at the same time sit there and tell you are not taking advantage of the knowledge…

Eighty percent of the cost in the post office is labor. You cannot fix this problem without looking at all the costs.

If we don't attack the real problem, and if we refuse to use competitive markets...

It's become en vogue to crucify the insurance companies.

The reason why we need another bill is because we don't have competition in the health care industry.