be brushed away. goldman not only responded to the committee s e-mails, it put out 70 pages of documents itself and leaked some provided some of the e-mails, embarrassing e-mails written by fabrice torre. it knew the subcommittee had the e-mails. rather than let the subcommittee put them out and make more headlines, goldman put them out and got it over. so it s a much more sophisticated game they are playing now, much more one would expect when it s this high a stakes. we should see quite the fireworks as we re used to seeing when we saw outraged members of congress in an election year with somebody easy to beat up on. goldman these days looks like they are easy pickings. you bet. coming up, the yankees are coming here to the white house. plus that thrilling photo finish at talladega, because if you ain t first, you re last. [ crowd cheering ]
subprime market, we need to be sure somewhere else we are not exposed so they can get closer to home. the question is did goldman profit from the collapse? did it somehow in the things that it was making and selling to clients exacerbate the collapse? what exactly is goldman s position here? that s what the hearing tomorrow is trying to get to the bottom of. is the fabulous fab going to be part of that hearing? oh, yeah. the mother-in-l the moral of the story is he will always be fabulous fab. he s the vice president who said the only survivor of the subprime crisis in an e-mail that the s.e.c. it will be me, fabulous fab standing above the monstrosities i helped create. we ll hear from him. and send the e-mail back to our friends at goldman sachs. thanks for sending it along. the e-mails are the e-mails. i know we are talking about the e-mails in the middle of thousands of documents here, but
tomorrow we ll hear from goldman executives, including the boss, lloyd bankfine, and a self- self-incriminating e-mail person, fabulous fab. at a place at a time when we need someone to blame for this financial crisis, goldman sachs looks to have served itself up to us on a silver platter. but given that this was the worst recession since the great depression, we actually need the truth more than we need a scapegoat or a bogeyman. it would be easier for and for some people more enjoyable to decide that goldman had a major hand in the destruction of our economy. but the truth, as we know, is often not that convenient. so together, let s keep an open mind. i ll see you tomorrow in washington. that s it for me. time now for rick s list. ali, we ll be concentrating on what s going on in arizona. somebody is saying that the police in arizona are akin to nazis, and spelling it out in refried beans.
on the housing market, then made more than we lost because of shorts, which are bets against the market. the ceo of goldman is not going to win any popularity contest when over a period that ordinary americans pensions, houses were collapsing in value, they were actually making significant money off of it. reporter: however, a spokesman for goldman said the firm actually lost $1.2 billion on residential mortgage investments over 2007 and 2008. and goldman put out 70 pages of documents itself arguing that the firm didn t really know which way the housing market was going. it consistently tried to hedge its bets. goldman also released e-mails of the young trader charged with fraud by the s.e.c., who referred to himself as fabulous fab. torre compared the product he helped create to frankenstein turning against its inventor.
scrutiny. the challenge of goldman s reputation yet. my favorite player is someone who calls himself fabulous fab. you know, ali, we ll meet him on tuesday. he s going to testify on tuesday and we re going to meet the fabulous fab trader who according to those sec documents is the one who said, the wreckage of the market, one survivor. it will be me. the guy who made all the complex instruments. a lot of interesting players in all of this. including number 45 on the forbes billionaire list. goldman-sachs itself. the ceo of goldman-sachs and a lot of interesting folks right down to the wall street journal this week tracked down the homeowners who defaulted on mortgages that caused all of this stuff. right down to the homeowners. we re go down to the basics on this story. where it goes from here. contribute be editor of rollingstone and from reuter, talk about the story, guys. every day we re learning more about it.