Goldman Might Release Documents To Counter Senate Report

Goldman Sachs Group Inc could release documents to counter a Senate subcommittee report that said the bank misled clients about mortgage-linked securities, the Wall Street Journal reported, citing people familiar with the matter.

Goldman, facing probes by several government authorities into derivatives trades it executed in 2006 and 2007, could release documents about its mortgage bets to show the analysis by the subcommittee was inaccurate and incomplete, the paper said.

The information could be released soon on Goldman's website, though a decision has not been made yet, the paper added.

Goldman Sachs did not immediately respond to requests seeking comment.

The subcommittee, headed by Democrat Carl Levin, said Goldman offloaded much of its subprime mortgage exposure to unsuspecting clients when the market for such securities was starting to tank.

Last week, Goldman received a subpoena from the Manhattan district attorney, who joined the Justice Department and the Securities and Exchange Commission in examining Goldman's actions.

(Reporting by Renju Jose in Bangalore; Editing by David Holmes)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Comments

[structurequity]

11:07 AM on 06/07/2011

TWJ offers a bit of blackmail as it proffers up Goldman's possible release of documents... Yes, let them put out their own documents for discerning individuals and groups to further expose this rapacious group for what they are "greedsters,"

[tobadgop]

09:08 AM on 06/07/2011

I am sure the head, Loydd BlankShizeter, will have sanitized everything, before it hits the Feds.

[Justan Olfrend]

11:12 PM on 06/06/2011

I hope that guy takes the company down with him. If there is any justice they will go out of business.

[Peanut Santiago]

10:14 PM on 06/06/2011

After they are done, maybe we lower class Americans can ask them to give us all those documents which will be good for low quality toilet paper.

Those papers might as well be useful for something.

[JulianTrinityNorwich]

08:00 PM on 06/06/2011

Just send the "cliff" notes. Goldman Sachs, did you or did you not manipulate the derivatives market so that you and secret inside clients would benefit? Did you or did you not charge outrageous fees for merging, bankrupting, financing and taking public Federally, bailed out banks and companies?

[BonnieDoon]

04:33 PM on 06/06/2011

Why are you, incorrectly, substituting %u201CGoldman for "Goldman Sachs Group..........."

Why are quotation and apostrophe marks turning into a percentage sign and a series of numbers?

Totally convolutes the message.

[Peanut Santiago]

10:15 PM on 06/06/2011

Don't use the ampersand on here or your comment disappears from the ampersand on.

[BonnieDoon]

04:28 PM on 06/06/2011

Very interesting - this from Bloomberg today:

%u201CGoldman Sachs Group Inc. (GS) agreed to sell Litton Loan Servicing LP to Ocwen Financial Corp. (OCN) for $263.7 million in cash, ending the New York-based bank%u2019s 3-1/2 year experiment in processing home-loan payments.%u201D

%u201CIn addition to the cash payment, which may be adjusted at closing, Ocwen will pay about $337.4 million to retire some of Litton%u2019s debt, according to a filing by West Palm Beach, Florida-based Ocwen. The sale of Litton comes two months after Goldman Sachs wrote down the value of the mortgage-servicing business by about $200 million.%u201D

http://www.bloomberg.com/news/2011-06-06/goldman-sachs-agrees-to-sell-litton-unit-to-ocwen-for-264-million-in-cash.html

[DrJykell]

03:07 PM on 06/06/2011

I seen that movie--Too Big to fail--which protrays the head of the Fed and the US Financial secretary as naive to the fact that the Banks would do the right thing after being given all that money and save main st----I believe the author of that book was manipulated..

[Peanut Santiago]

10:16 PM on 06/06/2011

They were given the money with NO conditions.
They could and did what they wanted with the money.

[stelios928]

03:06 PM on 06/06/2011

Let's not allow the word too big to fail referred to the banks to also use the word too powerful to be prosecuted. I strongly believe that the Chairman of Goldman Sachs should be prosecuted to thw fullest extend of the law. I also believe that the FBI agents that managed to put the (Indian-trouble spelling his name) manager of various funds, in jail, should be assigned to investigate Mr. Flakfein, Chairman of Goldman Sachs. I further believe that our FBI is still an independent Law Enforcement Agency that is the best in the world, so let's not tarnish it.

[alreadybad]

07:29 PM on 06/06/2011

I agree and but the new FBI and the old FBI are almost like different entities. With the old FBI, a call would have been made from the rear wing and the Wall Street bank boys would have stopped playing (immediately)........... like they were told. This country would not have been brought to it's knees and the President of the United States of America would not be held hostage by a bunch of people who do not have the country's best interest at mind.

[abbadabba]

02:47 PM on 06/06/2011

Goldman Sachs is to Thomas Fortune Ryan what JP Morgan Chase is to JP Morgan.

When Morgan and Ryan cooperated to manipulate the side betting on secuirties permitted before the Panic of 1907, they took down a stable insurance company and netted JP a railroad to boot. Folks had trouble figuring out the man to pin this on, and TF Ryan made a great fall guy. Goldman is just like Ryan. Did everything JP Morgan was doing but still a Catholic in JP's WASPY press.

[IgnatiusJ]

02:43 PM on 06/06/2011

As a fourth branch of Government, why should Goldman have to release ANYTHING?

[traveler291]

02:41 PM on 06/06/2011

what is huffaol afraid of with all the moderation regarding comments on goldman crooks?

[reeltime07]

02:19 PM on 06/06/2011

It's seems as though the biggest theives wear $2000 Brooks Brothers suits and ties instead of hoods ans masks. Instead of guns and knives, they use lawyers and politicians. I liked it better the old way, at least you could go back to your home AFTER being robbed at the corner.

[sensimilla]

06:06 PM on 06/06/2011

i'd love to spill a little bl00d on those suits!

[reeltime07]

06:24 PM on 06/06/2011

They already have blood on them. You may not be able to see it, but it's there.

[Theatrixnyc]

02:04 PM on 06/06/2011

Let Wiki-Leaks release the documents for you. That way we can see all of them....but seriously, folks, why didn't we see these documents before we got bent over the chair for the bailout? Wouldn't that have been the appropriate time to do that? Before we got stuck with the bill for their mistakes, that cost no one their job, and that guaranteed their million dollar bonuses went through, unchecked?

[DrJykell]

01:58 PM on 06/06/2011

All they have to do is get one CEO---he will give up the rest of them...
There is no honor among thieves-----seeding the market to a predictable point is illegal--but has been done in the shadows anyway sense the beginning of time---how many are waiting for them to dump Gold on the market---driving the price down anytime they want after they've coaxed everyone into some kind of long term pension investment package..

De-regulation doesn't just free investments bankers into new earnings,, it's main objective is to remove any accountability after they've robbed investors thru insider manipulations..

The book the "Wizard of Oz" was inspired by the actions of those controlling the gold..
Financial monopolies are controlling all governments and all economies..

[Theatrixnyc]

02:10 PM on 06/06/2011

I agree. Although I thought for sure that Bernie would have squealed much louder, and said more, than he has.

[DrJykell]

02:52 PM on 06/06/2011

I'd say he was one of the small fish taking advantage of a system designed to protect the larger players--Bernie did say that the Bankers were well aware of what he was doing---but the media never covered it---like always...