In more than 10 hours of Senate testimony, executives defend Goldman Sachs

A Senate investigations panel confronted Goldman Sachs executives Tuesday with evidence that the firm peddled subprime mortgage securities its traders considered to be “crap” as they secretly made huge wagers on a housing downturn. For their part, the Goldman witnesses strongly denied that the firm intentionally cashed in on the housing crash by crafting a strategy to bet against mortgage securities while misleading its own investors. “I will defend myself in court against this false claim,” said Fabrice Tourre, a French-born 31-year-old Goldman trader who was the only individual named in the SEC suit. “I deny — categorically — the SEC’s allegation.”

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