top paulson official, paolo pellegrini, told executives that they intended to short the portfolio. they asked him about a meeting with laura schwartz did you tell her that you were interested in taking a short position with abacus? pellegrini says yes, that was the purpose of the meeting. they said we look forward to presenting a complete and accurate evidentiary record in court. it is possible that the government has other evidence contradicting this testimony in which the aca claims it did not know of paulson s short position. and pellegrini walks away from the testimony, saying he doesn t remember specifically telling her, however, adds it would have been a little difficult to sort the miss the fact that we were trying to short this stuff. pellegrini also told investigators that he shared with aca the out lines in how it selected the subprime securities that did was looking for mortgages with low fica scores and high loan-to-value ratios. the government s case is
we had some weak innocence ness health care such as gilead sciences who had a disappoint and lowered guidance. why did they do that? simple. impact of health care reform which will start to affect a number of the companies. abbott also trimmed the forecast on health care reform. finally, the companies are dow earnings and new highs for most of these, boeing, united technologies and mcdonald s all reported good numbers. maria, back to you. thank you, bob pisani with the latest news there. late today in the verdict of the former ceo of k.b. home accused in a stock option case. jane wells has the story live in los angeles. well, bruce carrots has been convicted of 4 of the 20 counts he was facing in federal criminal court on the charges he profited millions by secretly backdating stock options while at k.b. homes. however, he was acquitted to the counts of actual backdating. he was convicted on the cover-up of the activity and those convictions are mail fraud, and making fal
every incentive to select appropriate securities also coming from the goldman note. we have posted the entire note on my cnbc blog investor agenda@cnbc.com. meanwhile, i am speaking with several corporate attorneys over the weekend about the s.e.c. complaint and while many of have questioned actual fraud as defined by the law here, most do agree it is unethical to have paulson choose the securities that went into the cdo which was then shorted by him without the transparen transparency, so they believe in other words that goldman had a responsibility to tell the investor, paulson was behind choosing the swaps that he would ultimately short. also, we talked about the timing of the notice and the wells notice was served to goldman sachs nine months ago and they say that they have been in dialogue with the s.e.c. in months before, that and many insiders say they were caught by surprise of the fraud charges which happened in the trading day. and now joining me on the closing bel
in the form of aig s biggest asset sale since being rescued by the government. the company agreed to sell its asian life insurance business to britain s prudential for $35.5 billion. overseas markets getting a lift today in hopes of a resolution of the surrounding greek debt crisis. the latest there, greece s prime minister expected to announce new measures to alleviate the nation s debt problems this wednesday. we will wait for that interview and hear from prime minister p pap papandreou. industrial names and oil stocks and technology names leading the way higher. s&p 500 picked up 11 points, better than 1% and the nasdaq composite also higher by better than 1%, 1.5% higher actually up 35 points on nasdaq. we get all of the action now, scott wapner with the eye on the floor of the nyse today. let s stay on that theme of the s&p 500. in fact, if we can throw up a chart, i really want to hit this because 1115 was a number that traders have been talking about today. as a ke