Detailed text transcripts for TV channel - CNN - 20100419:18:22:00
Been promised that the adviser to the fund, who is picking the loans to put in the fund had their interest at heart. and, in fact, as the s.e.c. alleges, that wasn't true, that the -- there was another party, paulson, who was going to short the fund, in other words, bet that it would go down in value. and that's this essence of a conflict of interest. so the purchasers of the portfolio thought they had an honest broker picking their loans to buy, and, in fact, they didn't have a disinterested honorest broker. they had an interested honorest broker who had their interest not at heart. >> so the...
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