Senator: "How long were you the CEO of Goldman Sachs?"
Paulson: "From May of 1999 til I left to come down here in mid-2006"
Senator: "You said didn't realize the maze of regulatory problems that we have here on the hill and that you and other companies like yours were dealing with here. You made that statement to us."
Paulson: "I said you have to get down here look at the people and look at the plumbing to understand it"
Senator: "But you were dealing with it on a daily basis"
Paulson: "Well I said you've got to see it up close and personal and step back and look at it and think about it"
Senator: "In other words you're telling me that you didn't know or someone at your firm didn't know about the regulatory burdens that were placed on your firm?"
For those of you not watching the uncensored version, Paulson, went on to add:
"Senator you're obviously not aware how this worked. Regulators came to 85 broad. I gave them the books and a rubber stamp. They pressed one against the other. We had coffee, little heavy petting, I clown faced them, and then they left. If it worked differently at other shops that's their problem."