Senate Panel Holds Goldman Sachs Answerable (GS)

Goldman Sachs (NYSE: GS) is under fire for profiting at the expense of its clients. According to CNN, a senate panel has alleged that the bank effectively pulled off a “big short” against the nation’s housing market by betting against the same type of complex-mortgage securities it helped create.

Senator Carl Levin, Chairman of the Permanent Subcommittee on Investigation of the Senate Homeland Security Committee, said, “Goldman Sachs repeatedly put its own interests and profits ahead of the interests of its clients."Goldman Sachs has, however, claimed that it undertook bets on the housing market as a hedge against its other bets.