and that client was betting against the mortgage market. they were betting that the securities in this -- that were being sold would actually fail. they were actually investing in them in a way that would cause them to fail. those got sold to other investors who the s.e.c. said were allegedly duped because those investments were designed to fail. the loss, about $1 billion. let's bring in allan chernoff and christine romans for perhaps a clearer explanation of what exactly is going on. they both have been working the phones, working sources, talking to people. allan, you have received a very short response from goldman sachs, but fill in some of the blanks here. >> okay, ali, let's just quickly review what occurred here. goldman sachs had two groups of customers, on the one hand, as you mentioned, investors in these mortgages, the subprime mortgages. not all that high quality, but nonetheless, these people were betting that the housing market -- and this is all back in 2007 -- the housing mark boat be okay, that the mortgages would be paid off, and their