Detailed text transcripts for TV channel - CNN - 20100427:15:06:00
Subprime mortgage market suffered a broad collapse. goldman sachs also had no economic motive to design the ac-1 transaction to fail. quite the contrary, we held long exposure in the transaction just like aca, and just like ikb. when they referenced in value, we lost money, too, including $83 million with respect to the loan position. finally, aca selected the portfolio securities referenced in the transaction and not paulson. aca had sole authority to describe what securities would be referenced in the transaction and it does not dispute that fact. neither the paulson fund or goldman sachs co...
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