Goldman Sachs wisdom: simply managing its risk.

Goldman was simply "managing [its] risk" in betting on market falls. "We have been a client-centred firm for 140 years and if our clients believe that we don't deserve their trust, we cannot survive" said Goldman Sachs boss Lloyd Blankfein, the name is the program.

"Goldman Sachs made billions of dollars from betting against the housing market, and it placed those bets in some cases at the same time it was selling mortgage related securities to its clients".