The New York Times
Sat, April 24, 2010 -- 9:52 AM ET
-----
Goldman Sachs Messages Show It Thrived as Economy Fell
In late 2007 as the mortgage crisis gained momentum and many
banks were suffering losses, Goldman Sachs executives traded
e-mail messages saying that they were making "some serious
money" betting against the housing markets.
The e-mails, released Saturday morning by the Senate
Permanent Subcommittee on Investigations, appear to
contradict some of Goldman's previous statements that left
the impression that the firm lost money on mortgage-related
investments.
In the e-mails, Lloyd C. Blankfein, the bank's chief
executive, acknowledged in November of 2007 that the firm
indeed had lost money initially. But it later recovered from
those losses by making negative bets, known as short
positions, enabling it to profit as housing prices fell and
homeowners defaulted on their mortgages. "Of course we didn't
dodge the mortgage mess," he wrote. "We lost money, then made
more than we lost because of shorts."
Read More:
http://www.nytimes.com/2010/04/25/business/25goldman.html?emc=na
-----
Now get New York Times breaking news alerts sent to your mobile phone.
Sign up by texting NEWSALERTS to 698698 (NYTNYT).
-----
About This E-Mail
You received this message because you are signed up to receive breaking news
alerts from NYTimes.com.
To unsubscribe, change your e-mail address or to sign up for daily headlines
or other newsletters, go to:
http://www.nytimes.com/email
NYTimes.com
620 Eighth Ave.
New York, NY 10018
Copyright 2010 The New York Times Company
No comments:
Post a Comment