To me, buying protection on senior layers of risk means being short.

Why would somebody not buy protection on the lowest potential performing component of the deal and buy long on the top end of the deal?

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

Do you have any thoughts on the fact that this bill doesn't address underlying core problems like Fannie Mae and Freddie Mac?

But it was an email addressed to you?

Just to be clear, I have a little difference with the Chairman on the idea of shorts.

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

we are going to give a Federal bureaucracy the ability--who has never had any experience--to come in and run a company like Goldman Sachs

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

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?

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

Is there a Board process that leads on that? What are the standards? If I go to work for Goldman Sachs, what am I going to hear about ethics when I am hired?

Nobody would do that?

Does it concern you at all that his position is that, in his own self-evaluation, which Senator Levin referred to, that he was taking positions and touting himself that he was utilizing the strengths of their analysis to take positions to…

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

$700 billion got allocated of taxpayer money to solve systemic risk problems, of which you were the beneficiary both directly and indirectly of a portion of that.

Well, let me ask you this, if you would. Does it make sense to you somebody would tout a philosophy that says, I am going to take advantage of the knowledge that we as a firm have and make more money for the firm, yet ignore the…

our Nation has been at war for nearly a decade now in Afghanistan and nearly as long in Iraq and we owe a huge debt of gratitude to the men and women who have fought on the front lines as well as to their families who have sacrificed so…

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

We did nothing in the new health law about $250 billion worth of medical tests that nobody needs.

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

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.

I come to the conclusion that actually investors would have been better off had there been no OTS

In both of your assessments, as you looked at this and you look at OTS--and this is a huge example of regulatory failure.