Goldman Sachs Group bought protection against a decline in just 1% of the mortgage-backed securities the company underwrote since late 2006, according to president and chief operating officer Gary Cohn. “We did not ‘bet against our clients,’ and the numbers underscore this fact,” Cohn will tell the Financial Crisis Inquiry Commission today, according to his prepared testimony.
Goldman Sachs shorted 1% of its mortgage bonds, CDOs, Cohn Says
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