Forget shorting the housing market and fueling the financial crisis. What the Senate subcommittee needs to focus on this morning is why Goldman was selling self-described "shitty" products to its own clients.
The Financial Crisis Inquiry Commission slapped Goldman Sachs with a subpoena for documents and emails the bank has failed to turn over "in a timely manner," according to a press release from the Commission.
Goldman Sachs just revealed in an SEC filing that its traders made money on every single trading day last quarter, a record for the firm. Net revenue for trading was $25 million or higher in all of the first quarter’s 63 trading days with 35 of those days bringing in more $100 million, according to the filing.