Senate investigators said Monday Goldman Sachs reaped "billions of dollars" in profits by secretly betting in 2006 and 2007 the U.S. housing market would crash. Sen. Carl Levin, chairman of the Permanent Investigations Subcommittee, said: "The evidence shows Goldman repeatedly put its own interests and profits ahead of the interests of its clients." The panel provided the first detailed glimpse of its findings from an 18-month investigation. Goldman CEO Lloyd Blankfein has denied Goldman orchestrated negative bets that enabled it to ring up huge profits when the housing bubble burst and sank the nation's economy. The subcommittee's findings, however, bolstered reports by McClatchy News last December that Goldman had marketed $57 billion in risky mortgage securities in 2006 and 2007, without telling investors it was secretly making bets on a housing downturn.
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