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And likely to defend also its ability to make money. they make a ton of money. goldman has profits of more than $13 billion last year and will release first quarter numbers tomorrow. the company kpapt expects to hand out $5 billion in bonuses. in '07, when paulson -- when the deal went down, paulson pulled in nearly $6 million. john paulson, let's talk about him. he picked the toxic mortgages then bet against them. here's the lowdown on him. according to the wall street journal, his firm made $15 billion betting against the housing market in 2007, of which paulson personally got $4 billion. he...

They duped people into buying things that they shouldn't have bought. now, there is -- it does make you wonder what the people who bought these things were thinking of. and i think this is one of the strange subplots of this whole sub prime thing -- >> by the way, the people who bought these weren't mom and pop on main street. i mean, these are big firms, these are players who -- >> it's german state banks. the german state bank was the biggest buyer of this. but look, what happened in the sub prime market the only people doing the analysis on the loans were people like paulson who were bettin...

He said, "appropriate steps to defend the firm and its reputation are being taken." and likely to defend also its ability to make money. they make a ton of money. goldman has profits of more than $13 billion last year and will release first quarter numbers tomorrow. they'll likely be huge. the company expects to hand out $5 billion in bonuses. lloyd blankfein got $9 million in goldman stock last year alone. in '07, when paulson -- when the deal went down, paulson pulled in nearly $68 million. john paulson, let's talk about him. he picked the toxic mortgages then bet against them. here's the lo...

And it's a pretty dramatic social change. >> and where were the rating agencies? why aren't we talking about them? >> rating agencies were being employed by the -- >> paid by the firms. the firms are paying them to rate them aaa, it's a disaster. where is the culpability there? >> we've got to leave it there. alexis blake, michael lewis, david gergen, thanks very much. we've got a goldman 101, a time line of events in the case. coming up next, hidden dangers in your food. next time you order a steak you may want to avoid getting it all done. joe john's reaction was kind of priceless, thoug...

This thing, and used them to sell it to investors. so that they -- essentially, they duped people into buying things that they shouldn't have bought. now, there is -- it does make you wonder what the people who bought these things were thinking of. and i think this is one of the strange subplots of this whole sub prime thing -- >> by the way, the people who bought these, according to "wall street journal," weren't mom and pop on main street. i mean, these are big firms, these are players who -- >> it's german state banks. yes. the german state bank was the biggest buyer of this. but look, what...