Washington, DC — The CEO of Goldman Sachs is testily defending his company's ethics and business practices during the nation's financial crisis, saying that customers buying securities from the investment house came looking for risk and that's what they got.
Lloyd Blankfein told skeptical senators on an investigatory panel that clients wanted a security that would give them exposure to the housing market. Blankfein said that "unfortunately, the housing market went south very quickly ... so people lost money in it."
He was the final witness in a daylong hearing on Goldman Sachs' behavior leading up to a government civil fraud accuse earlier this month.
Lloyd Blankfein told skeptical senators on an investigatory panel that clients wanted a security that would give them exposure to the housing market. Blankfein said that "unfortunately, the housing market went south very quickly ... so people lost money in it."
He was the final witness in a daylong hearing on Goldman Sachs' behavior leading up to a government civil fraud accuse earlier this month.
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