Among the last Wall Street investment banks to jump into the subprime mortgage businesss, Goldman Sachs made a safe exit before a flood of mortgage loan defaults staggered the U.S. and global economies. While Goldman sold over $40 billion in securities backed by risky mortgages in 2006 and 2007, it made secret bets that a sharp drop in the housing market would send those securities plummeting in value. (Lisa Kaplan Gordon/MCT)
Among the last Wall Street investment banks to jump into the subprime mortgage businesss, Goldman Sachs made a safe exit before a flood of mortgage loan defaults staggered the U.S. and global economies. While Goldman sold over $40 billion in securities backed by risky mortgages in 2006 and 2007, it made secret bets that a sharp drop in the housing market would send those securities plummeting in value. (Lisa Kaplan Gordon/MCT) Lisa Kaplan Gordon / MCT
Among the last Wall Street investment banks to jump into the subprime mortgage businesss, Goldman Sachs made a safe exit before a flood of mortgage loan defaults staggered the U.S. and global economies. While Goldman sold over $40 billion in securities backed by risky mortgages in 2006 and 2007, it made secret bets that a sharp drop in the housing market would send those securities plummeting in value. (Lisa Kaplan Gordon/MCT) Lisa Kaplan Gordon / MCT

Goldman's offshore deals deepened global financial crisis

December 30, 2009 03:42 PM

UPDATED June 16, 2015 01:27 AM

More Videos

  • Moore not yet conceding in Alabama Senate race

    Democrat Doug Jones won Alabama's special Senate election on Tuesday, beating back history, an embattled Republican opponent and President Donald Trump, who urgently endorsed GOP rebel Roy Moore despite a litany of sexual misconduct allegations. Moore, meanwhile, refused to concede and raised the possibility of a recount during a brief appearance at a sombre campaign party in Montgomery. "It's not over," Moore said. He added, "We know that God is still in control."