Back in December, the New York Times ran a story about Goldman and some collateralized debt obligations they underwrote. Turns out the CDOs, which were constructed by pooling together other bonds, performed badly. Really, really badly. The thrust of the Times piece was that Goldman routinely created CDOs with the worst mortgage bonds it could find, and then bet against them. Goldman and a few hedge funds pocketed billions when the CDOs failed, while Goldman’s clients who bought the CDOs endured huge losses. Goldman, of course, has denied all of this.

Few think Blankfein & Co. are innocent, but a report that is getting a lot of attention lately because of Michael Lewis’ new book The Big Short offers some fodder for Goldman’s side of the story. Here’s why: