$10 mil Subprime Bet Worth $3 Billion

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6 · 30 · 10

WASHINGTON — A senior executive for Goldman Sachs has acknowledged that the investment banker used its own money to bet against subprime mortgages through American International Group — reversing its oft-repeated position that it was acting only on behalf of its clients. A package of deals that possibly cost Goldman less than $10 million had a face value of $3 billion.

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