1. Goldman lost money on the deal. Hhm, is that because the losses were larger than the guarantee provided by ACA on the super senior tranche? (The statement "ACA was the biggest investor" presumably translates into "ACA insured the super senior tranche" but to the extent the insurance failed, Goldman would be exposed). That would be a failure of risk management (as in GS expected the deal to fail, but its hedge was insufficient).