Short positions are bets that the market will go down. When the market went bust, people with short positions cleaned up.
Earlier in 2007, Goldman Chief Financial Officer David Viniar showed in one of the e-mail threads that the firm made more than $50 million in one day on bets the housing market would founder.
http://www.google.com/hostednews/ap/article/ALeqM5hJOo6Ubn_quW5ffs-Y0pQIBUk6-wD9F9MR482
Earlier in 2007, Goldman Chief Financial Officer David Viniar showed in one of the e-mail threads that the firm made more than $50 million in one day on bets the housing market would founder.
http://www.google.com/hostednews/ap/article/ALeqM5hJOo6Ubn_quW5ffs-Y0pQIBUk6-wD9F9MR482
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