Breaking News from NY Times: Goldman Sachs Messages Show it Thrived as Economy Fell

We will be following this closely and hope to have more news on this as the day goes forward. The American people are getting closer to learning the 'real' truth about Goldman Sachs. After the truth comes out, every person in this Administration with ties to Goldman Sachs needs to resign and Obama needs to return his almost $1M in campaign contributions. Members of Congress also need to return contributions to Goldman Sachs or more appropriately give the money to charity so it does some good.

The New York Times Breaking News
Sat, April 24, 2010 -- 9:52 AM ET

Goldman Sachs Messages Show It Thrived as Economy Fell

In late 2007 as the mortgage crisis gained momentum and many banks were suffering losses, Goldman Sachs executives traded e-mail messages saying that they were making "some serious money" betting against the housing markets.

The e-mails, released Saturday morning by the Senate Permanent Subcommittee on Investigations, appear to contradict some of Goldman's previous statements that left the impression that the firm lost money on mortgage-related investments.

In the e-mails, Lloyd C. Blankfein, the bank's chief executive, acknowledged in November of 2007 that the firm indeed had lost money initially. But it later recovered from those losses by making negative bets, known as shortpositions, enabling it to profit as housing prices fell and homeowners defaulted on their mortgages. "Of course we didn't dodge the mortgage mess," he wrote. "We lost money, then made more than we lost because of shorts."

Read More:New York Times