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Responses to FCIC Requests

 

Goldman Sachs’ Liquidity during September 2008
On December 7, 2010, in response to a request from the FCIC staff, we sent the attached detailed narrative describing how Goldman Sachs’ liquidity pool was affected by various events in the market during September 2008.

>> Goldman Sachs’ Liquidity during September 2008 [PDF, 23 KB]

 
Valuation and Pricing Relating to Bear Stearns Asset Management Hedge Fund
On November 1, 2010, Goldman Sachs sent a letter to the FCIC addressing issues related to month-end marks sent to Bear Stearns Asset Management (BSAM) in 2007 for mortgage-related securities.

>> Letter to Christopher Seefer, Esq., Assistant Director and Deputy General Counsel, FCIC [PDF, 292 KB]

>> Appendix A [PDF, 292 KB]

>> Appendix B [PDF, 636 KB]

>> Appendix C [PDF, 11 KB]

>> Appendix D [PDF, 4 MB]

>> Appendix E [PDF, 11 KB]

>> Appendix F [PDF, 2 MB]

>> Appendix G [PDF, 2 MB]

Valuation and Pricing Related to Transactions with AIG
On July 28, 2010, Goldman Sachs responded to a request from the Financial Crisis Inquiry Commission (FCIC) for more information regarding the valuation and pricing of assets and liabilities related to transactions with American International Group (AIG).

>> Valuation and Pricing Related to Transactions with AIG [PDF, 360 KB]


Valuation and Pricing Related to Initial Collateral Calls on Transactions with AIG
Further to the information about pricing and valuation we provided to the FCIC, we provided additional details, on August 31, examining how we determined the marks that triggered our $1.8 billion collateral call to AIG in 2007.

>> Valuation and Pricing Related to Initial Collateral Calls on Transactions with AIG [PDF, 51 KB]


Estimated Derivative Revenues
August, 2010 - Like every other major financial institution, Goldman Sachs does not manage its trading desks or its trading risk such that aggregate firmwide revenues generated by derivative transactions can be separately delineated from revenues generated by any other form of trading.

>>Estimated Derivative Revenues [PDF, 268 KB]

 
Role of Goldman Sachs as a Market Maker
On March 1, 2010, Goldman Sachs sent a letter to the FCIC addressing issues related to our role as a market maker, how we manage risk we assume through that role, especially within the context of residential mortgage-related products, our exposure to the housing market, investors in the market for residential morgage-related products and the roles of underwriters and market makers those activities in 2006 and 2007.

>> Letter to Philip N. Angelides, Chairman, FCIC [PDF, 569 KB]

 

Testimony before the U.S. Financial Crisis Inquiry Commission
Goldman Sachs was requested to testify before the Financial Crisis Inquiry Commission (FCIC) on June 30, 2010 and July 1, 2010 as part of a hearing titled: "The Role of Derivatives in the Financial Crisis." On January 13, 2010 Lloyd Blankfein testified to the Commission on the subject of causes of the financial crisis. READ MORE