Goldman Sachs defends actions on Capitol Hill - WAOW - Newsline 9, Wausau News, Weather, Sports

Goldman Sachs defends actions on Capitol Hill

WASHINGTON (ABC)--  All talk and no apologies on Capitol Hill this week, as the massive financial firm Goldman Sachs survives grueling questioning from lawmakers trying to find and eliminate Wall Street problems that cause financial meltdowns.  The Goldman Sachs drama plays out as other Senators are stalled in their work to reform Wall Street.

If you heard just one exchange from Tuesday's hearing, you would think Goldman Sachs' CEO Lloyd Blankfein had come to Capitol Hill prepared to do a mea culpa.

But that was over nine-and-a-half hours into the senate hearing. The SEC charges that Goldman defrauded clients by selling them mortgage investments secretly designed to fail.

Those Goldman Sachs executives called to testify refused to apologize.  In an interview to air Wednesday on Good Morning America, Blankfein refused to say that Goldman is being singled out.

Blankfein says, "We surely aren't the only financial firm. And I think in most of these markets, we were not the largest or even a large participant compared to others. So I can wish it wasn't so disproportional, but I'm not making any claim of unfairness."

Democrats had hoped the hearing would help them move ahead with financial reform, but with no Republican supporters, the GOP once again blocked a vote in the Senate.

Online Reporter: Jill Courtney

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