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April 16th, 2010
01:59 PM ET

Goldman Sachs: No apologies

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2010/images/04/16/t1.stockmarket.morgangoldman.jpg caption="" width=300 height=169]

Aaron Smith
CNNMoney.com Staff Writer

Goldman Sachs defended its controversial employee bonuses and multi-billion dollar relationship with AIG in its annual report released Wednesday, while downplaying its short-selling in the mortgage market.

Much of the letter was devoted to describing Goldman's (GS, Fortune 500) role in the financial crisis and the recession, praising its own "strong performance" in 2009, which it referred to as a "year of resiliency."

The letter, co-signed by CEO Lloyd Blankfein and President Gary Cohn, also mentioned that Goldman repaid its $10 billion debt to the government in June 2009, as a U.S. Treasury recipient of the Troubled Asset Relief Program.

The letter came after Blankfein and other Wall Street chief executives were subjected to intense scrutiny in a hearing before the Financial Crisis Inquiry Commission in January, when they were blamed for contributing to the economic crisis.

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Filed under: Economy
soundoff (One Response)
  1. southwest

    what took you so long, SEC? What else than fraud could be behind scene if everybody lost money but SG?

    April 16, 2010 at 2:25 pm |