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Goldman to Fight Senate Report Goldman to Fight Senate Report

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Economy

BANKING AND FINANCE

Goldman to Fight Senate Report

Firm charges sloppy math led to overstatement of bets against housing market.

Goldman Sachs plans to accuse the Senate Permanent Subcommittee on investigations of dramatically overstating Goldman’s 2007 bets against the housing market, the Wall Street Journal reports, in order to counter a damaging report that has cast suspicion on the firm.

Goldman is considering releasing documents that prove the Senate subcommittee relied on what Goldman calls sloppy math and incomplete analysis of the tens of millions of documents the firm turned over. At issue is the subcommittee’s 639-page April report that accused Goldman of systematically trying to profit from a “big short” against the housing market that placed the firm’s interests ahead of those of its clients.

 

In the wake of the financial crisis, Goldman has said its overall bias was to be negative on the subprime-mortgage market. But after the report was released, the firm said it disagreed “with many of the conclusions.”

The Journal reports that Goldman officials haven’t made a final decision on the documents, but may release information on the firm’s website “soon.”

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