Their first sentence is, “The financial crisis has been a humbling experience for every participant in the financial system.”
From what little we’ve read so far, their response looks like more of the same. The main arguments being, we’re market-makers, we work for our clients and “We did not take one directional “bet.”
Their defence for making more money than they lost trading against mortgage backed securities is that they were motivated by fear of the unknown.
You can read the rest on the Financial Times –>
Now brush up on the SEC’s case against Goldman’s involvement in the ABACUS deal –>
Business Insider Emails & Alerts
Site highlights each day to your inbox.