Daniel Sparks Testimony on Goldman Sachs Case

Daniel Sparks appeared this April 27, 2010 to give his testimony in front of Senate Permanent Subcommittee on Investigations as the former top managerial of Goldman Sachs. In the other side, the group was headed by Dr. Coburn along with its members. According to source, Daniel Sparks is the Mortgage Department former chairman way back in year 2006 up to the middle of 2008. He appeared along with Michael Swenson, Fabrice Tourre together with Joshua Birnbaum who are all reported on him during his tenure as the head of the said department.

Photo Credit: CBS News

Sparks has been in Goldman Sachs for nearly 19-years and telling that the said firm is quite good in terms of business competences and how they participated in some risk taken by the company. Since we are following this firm since SEC starts to bring up some unwanted issues in regards with them, new speculation from different side starts to bring a lot questions about them. Here's a statement that could probably make an initial clear thing as Sparks explained it recently on his testimony,

I know that the Subcommittee is focusing on the events of late 2006 and 2007, so I will as well. Near the end of 2006, Goldman was generally long in its exposure to residential mortgages. I had concerns about our exposures and senior management knew about those concerns. The markets showed signs of stress, and our department was experiencing losses. In mid- December, David Viniar, Goldman's CFO, called a meeting and asked me to comprehensively review our positions and business risks. The "take-away" from the meeting was to reduce risk in the short term. I was not instructed to "go long" or "go short." The focus was on risk, not direction.

For you to read more about this, you can visit CBS News report on the following web address below:

Location: tinyurl.com/Daniel-Sparks-in-Goldman-Sachs