Goldman Sachs yesterday released internal documents that it said demonstrated that its subprime mortgage trading reflected prudent risk management rather than speculation.
Days before Lloyd Blankfein, chief executive, is due to appear before the Senate, the embattled bank said it did not “consistently or significantly short” the market for subprime mortgage securities, and any negative positions it had were intended to counterbalance long exposures.
The material, consisting largely of internal e-mail traffic, is meant to refute allegations by a Senate investigation committee, which claimed on Saturday that Goldman had made big profits betting against the mortgage market, which subsequently crashed.
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