Executives from Goldman Sachs testified about investment and trading activities of Goldman Sachs and other investment banks involving residential mortgage based securities and related products. In sometimes combative questioning senators asked about electronic mail and other communications by company officers indicating the company was pushing the sale of risky derivatives while also betting against the products sold to clients. At one point Mr. Viniar said that objectionable language and characterizations of poor products were “very unfortunate to have on e-mail.”
This hearing was the fourth in a series of subcommittee hearings examining some of the causes and consequences of the recent financial crisis.