Blankfein says firm wasn't 'reliant on government assistance'
(NEWSER) - Lloyd Blankfein was on the hot seat this morning as chairman Phil Angelides opened the financial crisis commission hearing with a relentless grilling of the Goldman CEO. After asking why Goldman created CDOs, sold them, and then immediately shorted them, he said, “It sounds to me a little bit like you’re selling a car with faulty brakes, then buying an insurance policy on the buyer of those cars.” Blankfein responded that everyone buying the product was a professional investor—who, Angelides broke in to point out, were “representing pension funds that have the life savings of police officers.” More»
