Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics

Inside Job transcript – Sony Pictures – September 2010 39
01:52:10.04 Your top priority to sell is that shitty deal. Uh, if you have an adverse
interest to your client, do you have the duty to disclose that to your client; to tell that
client of your adverse interest? That's my question.
DANIEL SPARKS: M-, Mr. Chairman, just tryin' to understand --
SEN. CARL LEVIN: No, I think you understand it; I don't think you want to answer it.
01:52:25.28
SEN. SUSAN COLLINS (R-ME): Do you believe that you have a duty to act in the best
interests of your clients?
{FABRICE TOURRE
EXECUTIVE DIRECTOR,
STRUCTURED PRODUCTS GROUP TRADING
GOLDMAN SACHS}
FABRICE TOURRE: Again, uh, uh, Senator, I, I will repeat, you know, we have a, a duty
to, to serve our clients by showing prices on transaction where they ask us to show
prices for.
01:52:43.01
SEN. CARL LEVIN: What do you think about selling securities which your own people
think are – crap? Does that bother you?
{LLOYD BLANKFEIN
CHAIRMAN & CEO
GOLDMAN SACHS}
LLOYD BLANKFEIN: I think they would, again, as a hypothetical?
SEN. CARL LEVIN: No. This is real.
LLOYD BLANKFEIN: Well then I don't –
SEN. CARL LEVIN: We heard it today.
LLOYD BLANKFEIN: Well –
SEN. CARL LEVIN: We heard it today: this is a shitty deal, this is crap.
LLOYD BLANKFEIN: I, I, I heard nothing today that makes me think anything, um, went
wrong.