Skip to comments.In rare letter to shareholders, Goldman denies double-dealing
Posted on 04/07/2010 12:15:23 PM PDT by NormsRevenge
WASHINGTON Goldman Sachs' top officers denied in a letter to shareholders made public Wednesday that the company bet against investors who bought its subprime mortgage securities in 2006 and 2007 as the firm readied itself for a sharp drop in the U.S. housing market.
The eight-page letter opening the firm's 2009 annual report comes as the world's most prestigious investment bank seeks to rebuild its image in the face of negative publicity over executive bonuses and two federal investigations into its subprime dealings.
Goldman "did not generate enormous net revenues or profits by betting against residential mortgage-related products, as some have speculated," Chief Executive Lloyd Blankfein and President Gary Cohn said.
"Rather, our relatively early risk reduction resulted in our losing less money than we otherwise would have when the residential housing market began to deteriorate rapidly."
(Excerpt) Read more at news.yahoo.com ...
Does Goldman Sachs get a Richard Nixon memorial “I am not a crook” bumper sticker?
IMHO they have a lot of explaining to do. They never open up and come clean as it will look bad for Obama and Co.
And who called Goldman a blood sucking vampire squid stuck on the face of humanity ........
I think Matt T. called it batter than this article.
One of the biggest con artists there are along with GE; etc.
“Goldman Sachs” is to “American economy” as “lamprey” is to “lake trout”.
In other news, Islam states that it is a religion of peace...........