How did a brokerage house, founded in 1869 by a German immigrant, become one of the biggest, most powerful banks in the world? The bank, which faced a range of legal claims for its conduct during the financial crisis, has already been criticized by a Senate Panel for misleading investors and Congress. Critics also accused it of masking the scale of Greece’s debt in obscure trade derivatives and not disclosing bond swaps. This investigation reveals how the company first became aware of the looming financial crisis in 2006. Instead of warning investors, it used this valuable information to boost its profits. Speaking to bankers, senators and economists, we scrutinize Goldman Sachs’s role in the financial crisis and ask where the blame really lies.
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