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I don't know if you've spent a lot of time reading -- >> i don't recognize -- >> they're the glossy pamphlets. you get it. this is what your offering is. the martin act in new york doesn't require there's an intent to defraud, it requires there's actually -- >> or any fraud at all. just material misrepresentation. >> material misrepresentation. if you look at that thing and says this is for the lincoln tunnel and show a judge or jury that map we've been showing you, you know, you're halfway to a case already. >> absolutely. and, you know, the issue here is really, as the prosecutor is looking ...

Intent to defraud, it requires there's actually -- >> or any fraud at all. just material misrepresentation. >> material misrepresentation. if you look at that thing and says this is for the lincoln tunnel and show a judge or jury that map we've been showing you, you know, you're halfway to a case already. >> absolutely. and, you know, the issue here is really, as the prosecutor is looking at it, is this creative politicking, creative money managing or something that's criminal? >> here's the bigger context for this. you have now a special legislative committee looking into the bridge-gate scan...

The the second issue is me as investor, ibk, or aca, i have a feud uribery obligation as a buyer to do my homework. that's my responsibility. but in the united states, we have the securities and exchange commission act. we have laws that make securities very different than used cars or anything else. >> and that's a security. >> this is a security. >> which is a group of obligations to a company, it could be debt, it could be anything. can i interrupt you very quickly. the vote came out of the senate, they will not proceed to debate. 57-41. no vote. they need 60 to go to debate. two days in a ...

Regional director of the u.s. securities and exchange commission in new york, if i recall correctly. that's why we invited you. if you design an investment vehicle and you sell it to clients who can only make money if it gains in value but secret heat it's designed to lose value and you don't disclose that information, isn't that a material misrepresentation of fact and isn't that fraud? >> absolutely, gregg. that's exactly what the sec is alleging that goldman sachs did. they're saying that goldman sachs designed a financial product that was designed to fail and there is no way the german ban...