Goldman Sachs’ executives were under pressure from the U.S Senate today and are a facing an uphill battle to convince the Senate of the legitimacy of its practices. The questioning by senators was antagonistic and it was clear they had not very much regard for Goldman Sachs and its executives.

In an article from the guardian.co.uk it was reported that even when the executives asked for questions to be repeated they were scoffed at. When the former head of the bank’s mortgage department, Daniel Sparks, was being questioned by Senator Susan Collins, he was asked if he had a duty to act in the best interests of his clients. Sparks replied, “I believe we have a duty to serve our clients well”.

This purely served to act as fuel to the fire. Similarly when asked whether Goldman should be trying to sell a “shitty” deal, Sparks replied, “There are prices in the market that make people want to invest in things”. It was not the answer the senators wanted, even if these days it was one they’ve come to expect and did not serve Sparks well.

Goldman Sachs executives did not seem to offer any remorse about the bank’s practices, but instead seemed to be concentrating on the fine print to wriggle out of the situation. For full story go to the guardian.co.uk. What do you think of the goings on at Goldman Sachs? Why not let us know?