The New York Times has just published 100 pages of internal Goldman emails form the height of the credit crisis.
As they released the emails to the public, the Senate made this very critical statement:
“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…These e-mails show that, in fact, Goldman made a lot of money by betting against the mortgage market.”
We haven’t gotten too far in them yet, but from what we’ve seen so far, these emails will be a great read.
A few excerpts:
From Blankfein to Gary Cohn and more: We lost money, then made more than we lost because of the shorts.
From Louis van Praag to Blankfein on a NYT story about to come out the next day: “Tomorrow’s story will, of course, have ‘balance’ (ie stuff we don’t like)
Whoa. Click here to see more of our coverage on the latest Goldman emails. Or read through the emails yourself here: The internal Goldman Sachs emails Lloyd Blankfein, Gary Cohn and more sent during the crisis –>
Now read: The juciest Goldman email details.
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