As housing crash caused misery for millions, Goldman bosses boasted: We're making serious money
Top executives at Goldman Sachs boasted that they were making 'some serious money' as millions of homeowners around the world were plunged into misery by the housing crash. Chief executive Lloyd Blankfein admitted in one email that the bank gambled on the market going down. 'Of course we didn't dodge the mortgage mess,' Mr Blankfein wrote on November 18, 2007. 'We lost money, then made more than we lost because of the shorts,' he added, referring to the practice of 'shorting', or betting against an investment. In another email written as the credit crunch began to bite in October, 2007, senior Goldman executive Michael Swenson said: 'Sounds like we will make some serious money.'