April 27th, 2010
03:12 PM GMT
Top representatives from Goldman Sachs maintained that the company did not engage in any questionable business deals leading up to the financial crisis.
Was Goldman Sachs at fault?
A group of seven current and former executives at the New York City-based company are set to appear before the Permanent Subcommittee on Investigations later Tuesday to testify about the role of investment banks in the crisis.
Other top Goldman executives also blasted charges made by lawmakers in recent days that the company bet aggressively against the U.S. mortgage market as well as its clients, making as much as $3.7 billion in the process.
The charges stem from a slew of company e-mails and documents that have been released in recent days by Senate committee.
Goldman has refuted such claims, maintaining that it merely bet against housing in an effort to hedge its exposure to the housing market, which was quickly unraveling at the time. All told, the New York City-based investment bank said it lost $1.2 billion on residential mortgage-backed securities in 2007 and 2008.
We want to know what you think.
Should Goldman Sachs be held accountable for the way executives conducted business? Are they justified in the reasoning that it is all part of running a business and it's about the bottom line?