Goldman emails: firm lauds profits from shorts

WASHINGTON, April 24 (BestGrowthStock) – Goldman Sachs Group Inc
(GS.N: ) officials discussed making “serious money” in 2007 off
the subprime crisis as mortgages were starting to falter in
rapid numbers, according to a collection of e-mails released by
a Senate panel on Saturday.

“Of course we didn’t dodge the mortgage mess. We lost
money, then made more than we lost because of shorts,” Goldman
Sachs Chief Executive Lloyd Blankfein said in an e-mail from
November 2007.

“Sounds like we will make some serious money,” said Goldman
Sachs executive Donald Mullen in a separate series of e-mails
from October 2007 about the performance of deteriorating
second-lien positions in a collateralized debt obligation, or
CDO.

The Senate Permanent Subcommittee on Investigations is
holding a hearing on Tuesday with Blankfein and other
executives about the role Goldman Sachs played in the financial
crisis. The firm has been sued by the Securities and Exchange
Commission over its marketing of a CDO.
(Reporting by Dan Margolies and Karey Wutkowski; Editing by
Tim Dobbyn)

Goldman emails: firm lauds profits from shorts