mortgages and selling them off to investors around the world. other people at goldman sachs took a different view in december of 2006 and throughout 2006 saying that, hey, we think there's real problems in the mortgage market. we as a firm will find ways to bet against the mortgage market. at the same time other colleagues are packing up and acting as middlemen to sell the mortgage securities to the public. both things were going on at goldman at the same time. that's what distinguished them at other firms. at other firms they are -- merrill, they hadn't made the secondary bet that the market may fail. they made profit in 2007 when other firms lost money. >> when we were on the brink of financial ruin as they call it. >> the truth is nobody knew. >> some people obviously knew. >> nobody knew which way the bet would come out.