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And when you make the investment, you realize it doesn't always go well. >> larry: were these mostly mortgages? >> no, no. not all of them, no, no. you could do a derivative on just about anything. in some markets around the world, they do derivatives on or place bets on who is going to win the world series or who is going to win an election. >> larry: but they knew they were bad loans? >> yes, they knew they were bad loans. >> larry: that's the fraud accusation. subcommittee members from both sides of the aisle were pretty much on the same page in their characterizations of goldman's activiti...

World, they do derivatives on or place bets on who is going to win the world series or who is going to win an election. >> larry: but they knew they were bad loans? >> yes, they knew they were bad loans. >> larry: that's the fraud accusation. subcommittee members from both sides of the aisle were pretty much on the same page in their characterizations of goldman's activities. take a look. >> you are the bookie. you are the house. you have less oversight and less regulation as you all began this wild, wild west of tranches, waterfalls, equity tranches, residual, warehousing, as you began all th...