He noted Goldman had "no economic motive" to structure the deal for failure. In fact, Goldman had a long exposure in the transaction, just like ACA and IKB. Tourre said Goldman's losses in connection with the transaction ultimately exceeded $100m, including $83m with respect to the retained long position. Also noted ACA, not Paulson & Co., selected the portfolio of securities referenced in the deal. As the SEC complaint says, ACA rejected most of the suggestions provided by Paulson. So Goldman was correct in its representation to investors that ACA selected the securities, according to Tourre's testimony. "[T]he last week has been challenging for me and my family, as I have been the target of unfounded attacks on my character and motives," he said. "I wish to repeat — I did not mislead IKB or ACA, two of the most sophisticated institutional investors in these products anywhere in the world." Write to Diana Golobay. Disclosure: the author holds no relevant investments.