(The following is a reformatted version of a document issued by Goldman Sachs and received via electronic mail. The document was confirmed by the sender.) Testimony by David A. Viniar to the Senate Permanent Subcommittee on Investigations Chairman Levin, Ranking Member Coburn and Members of the Committee: My name is David Viniar. I have been Chief Financial Officer of Goldman Sachs since 1999 and Head of the Operations, Technology, Finance and Services Division since 2002. I am responsible for risk management, financial control and reporting, and financing our business, among other duties. I appreciate the opportunity to appear before you and contribute to the Subcommittee’s work on understanding some of the causes of the financial crisis. I’d like to focus my comments on our risk philosophy and our approach to risk management, which Craig Broderick, the firm’s Chief Risk Officer, will also be addressing in some detail.
Goldman Sachs Group Inc., Wall Street’s most profitable firm, will face off against a U.S. Senate subcommittee today in a pivotal hearing that could have repercussions for the future of the financial industry.
Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein and five past and present executives will testify with Fabrice Tourre, the banker at the center of U.S. fraud allegations, at a Senate hearing next week.
Goldman Sachs Group Inc. executives repeated their position that disputes with American International Group Inc. over securities prices and collateral in 2007 and 2008 reflected the firm’s typical risk-management efforts.
JPMorgan Chase & Co. and Goldman Sachs Group Inc., two of the largest derivatives dealers, posted identical gross notional amounts of credit-default swaps bought and sold on five troubled European nations.