Detailed text transcripts for TV channel - CNN - 20100419:18:58:00
That client, a company named paulson, pick and choose which bundles of mortgages it wanted to belt against. surprise, surprise, paulson picked the ones most likely to fail. in the world of finance, when you bet against something, someone needs to take the other side of that bet. goldman, which is in the business of finding both sides, did sell the other side of the bet to investors, who thought that most risky homeowners wouldn't default. the problem is, goldman allegedly didn't disclose that a bundle of that -- that bundle of mortgages that the second group of investors was buying was the wor...