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Wall Street and the Financial Crisis: The Role of Investment Banks

Permanent Subcommittee on Investigations

Location: Room 106, Dirksen Senate Office Building



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Member Statements

Agenda

The Permanent Subcommittee on Investigations hearing,"Wall Street and the Financial Crisis: The Role of Investment Banks," was the fourth in a series of Subcommittee hearings examining some of the causes and consequences of the recent financial crisis. The fourth hearing focused on the role of investment banks in the securitization of residential mortgage related products, and the development, marketing, and trading of residential mortgage related structured financial products such as collateralized debt obligations (CDOs) and credit default swaps (CDS). The hearing also reviewed certain investment and trading activities of investment banks that involve residential mortgage based securities and related products. 

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Witnesses

Panel 1

  • DANIEL L. SPARKS
    Former Partner, Head of Mortgages Department
    The Goldman Sachs Group, Inc.
    New Canaan, CT
    Download Testimony (73k)
  • JOSHUA S. BIRNBAUM
    Former Managing Director, Structured Products Group Trading
    The Goldman Sachs Group, Inc.
    New York, NY
    Download Testimony (12k)
  • MICHAEL J. SWENSON
    Managing Director, Structured Products Group Trading
    The Goldman Sachs Group, Inc.
    New York, NY
    Download Testimony (12k)
  • FABRICE P. TOURRE
    Executive Director, Structured Products Group Trading
    The Goldman Sachs Group, Inc.
    London, England
    Download Testimony (14k)

Panel 2

  • DAVID A. VINIAR
    Executive Vice President and Chief Financial Officer
    The Goldman Sachs Group, Inc.
    New York, NY
    Download Testimony (79k)
  • CRAIG W. BRODERICK
    Chief Risk Officer
    The Goldman Sachs Group, Inc.
    New York, NY
    Download Testimony (71k)

Panel 3

  • LLOYD C. BLANKFEIN
    Chairman and Chief Executive Officer
    The Goldman Sachs Group, Inc.
    New York, NY
    Download Testimony (11k)