Excerpt:

According to the Senate Subcommittee […]

“Investment banks such as Goldman Sachs were not simply market-makers, they were self-interested promoters of risky and complicated financial schemes that helped trigger the crisis…They bundled toxic mortgages into complex financial instruments, got the credit rating agencies to label them as AAA securities, and sold them to investors, magnifying and spreading risk throughout the financial system, and all too often betting against the instruments they sold and profiting at the expense of their clients…The 2009 Goldman Sachs annual report stated that the firm ‘did not generate enormous revenues by betting against residential related products’…These e-mails show that, in fact, Goldman made a lot of money by betting against the mortgage market.”

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