Detailed text transcripts for TV channel - CNN - 20100417:00:13:00
>> but the question i have is was this clearly illegal, or was this such uncharted terrain because these are new exotic products that there weren't even laws written to cover this yet? >> no, no. fraud is fraud. clearly they lied to their clients. they sthed is a good thing to buy at the same time they were selling it short and helping mere paulson sell it short. so they obviously knew it was not a good thing to buy. they had the guy selling it short pick the mortgage instruments to put into this particular thing, abacus so, he knew which ones were the worst ones. he picked the worst ones, kno...
Source: news source