Page 22 - Timber Wolf News Today : Breaking News, Live Updates & Top Stories | Vimarsana

With the letter "s." >> your sales team was saying about timberwolf. "boy, that timber wolf was one [bleep] deal. they sold that [bleep] deal." >> there are prices in the market that people want to invest in things. it didn't use that term with respect to this deal. >> reporter: the former and current goldman executives said they were short but emphasized they were sold to other investment banks such as bear stearns, not regular customers. >> i was inteimmediatiary between highly sophisticated professional investors all of which were institutions. none of my clients were individual retail inve...

With the letter "s." >> your sales team was saying about timberwolf. "boy, that timber wolf was one [bleep] deal. they sold that [bleep] deal." >> there are prices in the market that people want to invest in things. it didn't use that term with respect to this deal. >> reporter: the former and current goldman executives said they were short but emphasized they were sold to other investment banks such as bear stearns, not regular customers. >> i was inteimmediatiary between highly sophisticated professional investors all of which were institutions. none of my clients were individual retail inve...

That was quite a saucy stretch for a hearing. this has been colorful and interesting. >> it reminds me of the classic moment in "casablanca." >> i don't think anybody was ever in the room but paulson, were there, mr. tourre, really? let's be honest here. that was a paulson deal and you put in there as some kind of fig leaf so you could do what you're doing now. why didn't you use aca on the other deals? you know what the interesting thing is on timber wolf? you know who gray wolf is, your alum alumni. they're all goldman sachs people. if gambling, pure and simple, raw gambling. you are the boo...

Congressman and gene robinson asks -- fire storm at the goldman sachs hearing in the senate. >> look what your sales team was saying about timber wolf. boy, that timber wolf was one [ bleep ] deal. >> the amazing quotes and we will not bleep them again. our special guest, senator ted coffman of de. there is no racism on the right. yes, the paper said obama disses white guys. they say obama's the racist. >> this is the regime at the nation's best. >> wow, fella, the man has really kept you down. chicken-based health care is off the table. miss lowdon -- and are bloggers

Goes up so i take out what you would call a derivative to make sure that i get to -- >> larry: you are hedging your bet. >> right. >> reporter: that is legal. done all the time. >> that's correct. that is legal. >> larry: what did goldman sachs do wrong? >> because it is illegal to commit fraud. >> larry: what was the fraud? >> the fraud was not telling the person who is investing in this -- timber wolf was one of the examples, the assets they were getting people to invest in. if you don't tell the person what they called a -- i won't use the word, but a crappy investment. their words in their...