[net-gold] CONSUMER AND INTERNET FRAUD HOAXES AND SCAMS : FINANCE : INVESTMENT : BANKS AND BANKING: Goldman Sachs E-mails Show Bank Sought to Profit from Housing Downturn
- From: "David P. Dillard" <jwne@xxxxxxxxxx>
- To: Net-Gold <Net-Gold@xxxxxxxxxxxxxxx>, Temple University Net-Gold Archive <net-gold@xxxxxxxxxxxxxxxxxxx>, Temple Gold Discussion Group <TEMPLE-GOLD@xxxxxxxxxxxxxxxxxxx>, Net-Gold <net-gold@xxxxxxxxxxxxxxxx>, Sean Grigsby <myarchives1@xxxxxxxxxxxxxxx>, Educator Gold <Educator-Gold@xxxxxxxxxxxxxxx>, Educator Gold <Educator-Gold@xxxxxxxxxxxxxxxx>, K12AdminLIFE <K12AdminLIFE@xxxxxxxxxxxxxxx>, Net-Platinum <net-platinum@xxxxxxxxxxxxxxx>, NetGold <netgold@xxxxxxxxxxxxxxx>, "Net-Gold @ Nabble" <ml-node+3172864-337556105@xxxxxxxxxxxxx>, K-12ADMINLIFE <K12ADMIN@xxxxxxxxxxxxxxxxxxx>, MediaMentor <mediamentor@xxxxxxxxxxxxxxx>, Digital Divide Diversity MLS <mls-digitaldivide@xxxxxxxxxxxxxxx>, net-gold@xxxxxxxxxxxxx
- Date: Sat, 24 Apr 2010 12:42:11 -0400 (EDT)
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CONSUMER AND INTERNET FRAUD HOAXES AND SCAMS :
FINANCE :
INVESTMENT :
BANKS AND BANKING:
Goldman Sachs E-mails Show Bank Sought to Profit from Housing Downturn
Goldman Sachs E-mails Show Bank Sought to Profit from Housing Downturn
By Zachary A. Goldfarb
Washington Post Staff Writer
Saturday, April 24, 2010; 11:43 AM
Washington Post
<http://www.washingtonpost.com/wp-dyn/
content/article/2010/04/24/AR2010042401049.html>
A shorter URL for the above link:
<http://tinyurl.com/2a5ylyo>
A Senate investigation into the financial crisis has found that Goldman
Sachs, the storied Wall Street investment bank, sought to profit from the
historic decline in housing prices by betting against the U.S. mortgage
market.
The documents show that Goldman, at times, made big, profitable bets
against the housing market -- sometimes betting against mortgage
investments that it had sold to investors.
Sen. Carl Levin (D-Mich.), chairman of the Permanent Subcommittee on
Investigations, said four internal e-mails released Saturday contradict
Goldman's assertion that it didn't seek to profit from the housing
downturn. "Goldman made a lot of money by betting against the mortgage
market," Levin said.
In a November 2007 e-mail, Goldman chief executive Lloyd Blankfein wrote
that the firm "lost money" on the housing market, "then made more than we
lost because of shorts."
The release of the documents comes as Goldman Sachs is preparing its most
detailed defense yet to allegations that it misled clients in its mortgage
securities business, arguing that the firm was unsure whether housing
prices would rise or fall and did not take any action at odds with the
interests of its clients.
------------------------------
The complete article may be read at the URL above.
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(215) 204 - 4584
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