Lloyd Blankfein

By the way, I didn't think the market was right.

I thought there was a big opportunity to accumulate it.

But that would be like fighting with the tides or gravity.

It is, that's the market.

So guess what?

We're going to keep marking it down till you find, till we mark it to a price where you could sell it.

And by the way, and therefore it became easier to sell.

Because it wasn't like they had big losses.

The losses were already embedded in their books.

Totally, because we marked it to mark.

And to your point earlier, if you're testing the market early, it's cheaper to buy, you know, insurance.

Exactly.

And what we did.

So one of the things, you know, one of the things, and there were a lot of things, you know, we had a lot of exposure on paper to AIG.

But we also had... Fully hedged, yeah.

We were fully hedged because we had bought credit protection.

Right.

But we also had a... So we, a single A credit, got a collateral agreement with AIG AAA.

Wow.

I think we may have been the only ones to do that because we insisted on it.