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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.
Filed under: Economy
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