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  1. Wealth
April 28, 2010

FT: Goldmans vs the Senate

By Spear's

Goldman Sachs’ woes mounted on Tuesday as a Senate subcommittee attacked the bank for profiting from the financial crisis at the expense of its clients and accused it of “intolerable” conflicts of interests.

Goldman Sachs’ woes mounted on Tuesday as a Senate subcommittee attacked the bank for profiting from the financial crisis at the expense of its clients and accused it of “intolerable” conflicts of interests.

Lloyd Blankfein, Goldman’s chief executive, was in the line of fire for more than three hours of questioning as the panel criticised the bank’s business model and role in contributing to the global financial crisis.

The day-long hearing also marked the first public appearance for Fabrice Tourre, a junior banker who nicknamed himself “Fabulous Fab” in a boastful e-mail, since regulators accused him and Goldman 10 days ago of defrauding investors in a mortgage-related security.

Swapping his customary good humour for a testy demeanour, Mr Blankfein said that its clients’ trust was “essential” to Goldman. However, he rebuffed suggestions that the bank should have disclosed its intentions to bet against mortgage-related securities it sold in the run-up to the turmoil.

To read the full story, visit ft.com

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