Detailed text transcripts for TV channel - CNN - 20110512:00:45:00
>> $16 billion. >> $16 billion with a "b"? >> right. at some point, above 50% of var, value add risks. >> their entire firm was at risk because they wanted to get rid of the stuff and they were willing to dump it? >> it's important to remember, goldman in its own internal memo was describing this position as a big short. when blankfein says we did not have a massive short bet, i don't know how that could be true. >> what did they tell people buying the stuff? >> they said they implicitly endorsed it. they said, in fact, one of the clients stated they told him we expect you're going to earn 50%...
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