The Real Deal Miami

Goldman referred to as “bookie” at Senate hearing

April 27, 2010 05:36PM

Goldman Sachs executives categorically denied wrongdoing during a hearing in front of a Senate subcommittee today in Washington, claiming that it was within their rights to keep the firm’s interest in the mortgage market concealed from clients, according to the Wall Street Journal. Several senators during the hearings compared the executives to a crooked “bookie” who had manipulated the odds against their own clients. The SEC claims that Goldman misled its customers by not disclosing that they were betting on the failure of the mortgage-backed securities market. [WSJ]