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A whole had in this financial crisis. we knew there was a recession anyway. did these guys and the things that they were doing, doing more to make it worse? that's what we're listening to. let's listen in to fabrice tourre, fabulous fab, you may have heard of him. >> yes. >> permit sophisticated institutions to customize the exposure they wish to take in order to better manage the credit and market risks of their investment holdings. mr. chairman, as you know, the securities and exchange commission recently filed a civil suit alleging that i failed to disclose to investors certain material inf...

For these sophisticated financial institutions. to the average person the utility of these products may not be obvious, but they permit sophisticated institutions to customize the exposure they wish to take in order to better manage the credit and market risks of their investment holdings. mr. chairman, as you know, the securities & exchange commission recently filed a civil suit alleging that i failed to disclose to investors certain material information regarding a transaction i helped to structure nam structure. i deny categorically these allegations and i will defend myself in court agains...