{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Goldman Sachs executives testify on Capitol Hill, Obama reax' data-url='/boclips/videos/5c54bccbd8eafeecae12f4d6' data-video-url='/boclips/videos/5c54bccbd8eafeecae12f4d6' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nGoldman Sachs executives testify on Capitol Hill, Obama reax\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eWashington, DC1. Wide of US President Barack Obama walking into Rose Garden with Deficit Commission Chairs Erskine Bowles and former Senator Alan Cranston2. SOUNDBITE: (English) Barack Obama, President of the United States:\"This is going...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eWashington, DC\u003cbr/\u003e1. Wide of US President Barack Obama walking into Rose Garden with Deficit Commission Chairs Erskine Bowles and former Senator Alan Cranston\u003cbr/\u003e2. SOUNDBITE: (English) Barack Obama, President of the United States:\u003cbr/\u003e\"This is going to require people of both parties to come together and take a hard look at what the government spends and raises in revenue, and it will require that we put politics aside, that we think more about the next generation than the next election. There''s simply no other way to do it.\"\u003cbr/\u003e3. Profile cutaway of Obama between Bowles and Cranston\u003cbr/\u003eWashington, DC\u003cbr/\u003e4. Former employees of Goldman Sachs walking to witness table\u003cbr/\u003e5. Pan of witness table\u003cbr/\u003eWashington, DC\u003cbr/\u003e6. Various, witnesses stand to be sworn in \u003cbr/\u003e7. Cutaway of Senator Claire McCaskill looking at exhibits\u003cbr/\u003e8. Witnesses \u003cbr/\u003e9. SOUNDBITE: (English) Fabrice Tourre, former Goldman Sachs mortgage manager:\u003cbr/\u003e\"Mr. Chairman, as you know, the securities and exchange commission recently filed a civil suit alleging that I failed to disclose to investors certain material information regarding a transaction that I helped to structure, named Abacus 07-AC-1. I deny categorically the SEC''s allegations and I will defend myself in court against this false claim.\"\u003cbr/\u003eWashington, DC\u003cbr/\u003e9.  Wide of committee hearing room\u003cbr/\u003e10. Side view of committee\u003cbr/\u003e11. Mid of Daniel Sparks, Former head of Goldman Sachs Mortgage Department\u003cbr/\u003e12. SOUNDBITE: (English) Carl Levin, Senator/Subcommittee Chairman: (++SOUNDBITE OVERLAID WITH VARIOUS OF SPARKS++)\u003cbr/\u003e\"Don''t you also have a duty to disclose an adverse interest to your client? Do you have that duty? Do you?\u003cbr/\u003e13.  SOUNDBITE: (English) Daniel Sparks, Former head of Goldman Sachs Mortgage Department:\u003cbr/\u003e\"About?\" \u003cbr/\u003e14.  SOUNDBITE:  (English)  Carl Levin, Senator/Subcommittee Chairman: (++SOUNDBITE STARTS ON PREVIOUS SHOT++)\u003cbr/\u003e\"If you have an adverse interest to your client, do you have the duty to disclose that to your client?\"\u003cbr/\u003e15.  SOUNDBITE:  (English) Daniel Sparks, Former head of Goldman Sachs Mortgage Department:\u003cbr/\u003e\"The question about how the firm is positioned? Or our desk is positioned?\"\u003cbr/\u003e16. SOUNDBITE: (English) Carl Levin, Senator/Subcommittee Chairman:\u003cbr/\u003e\"If you have an adverse interest to your client when you''re selling something to them, do you have the responsibility to tell that client of your adverse interest? That''s my question.\"\u003cbr/\u003e17. SOUNDBITE: (English) Daniel Sparks, Former head of Goldman Sachs Mortgage Department:\u003cbr/\u003e\"Mr. Chairman, I''m just trying to understand...\"\u003cbr/\u003e18. SOUNDBITE: (English) Carl Levin - Senator/Subcommittee Chairman: (++SOUNDBITE STARTS ON PREVIOUS SHOT++)\u003cbr/\u003e\"No, I think you understand, I just don''t think you want to answer. I don''t think you want to answer.\"\u003cbr/\u003e19. Wide of committee hearing room\u003cbr/\u003eNew York, New York\u003cbr/\u003e20.  Various of stock exchange traders watching testimony\u003cbr/\u003eTop Goldman Sachs officials defended their conduct in the financial crisis on Tuesday, flatly disputing the government''s fraud allegations against the giant financial house. \u003cbr/\u003eBut they ran into a wall of bipartisan wrath before a Senate panel investigating Goldman''s role in the financial crisis and the Securities and Exchange Commission (SEC) fraud suit against it and one of its traders. \u003cbr/\u003eThe hearing comes as President Barack Obama and Democratic lawmakers are trying to push through a financial regulations overhaul that they hope will win over voters ahead of November congressional elections.\u003cbr/\u003eSpeaking on Tuesday, Obama said Washington must urgently confront unpleasant truths about deficits.\u003cbr/\u003eFlanked by the co-chairs of his recently appointed panel on fiscal responsibility, Obama said he would not rule out any suggestions that would fight \"exploding deficits.\"\u003cbr/\u003eThis signalled that politically toxic tax increases were options that could be under consideration by members of the panel he has tasked with reducing federal deficits that threaten to erode Americans'' standard of living.\u003cbr/\u003e\"It will require that we put politics aside, that we think more about the next generation than the next election,\" he said. \"There''s simply no other way to do it.\"\u003cbr/\u003eAt the other end of Pennsylvania Avenue, meanwhile, on Capital Hill, former members of the mortgage team at Goldman Sachs were being grilled by senators.\u003cbr/\u003eDemocratic Senator Carl Levin of Michigan accused Goldman of making risky financial bets.\u003cbr/\u003eFabrice Tourre, a 31-year-old trader at Goldman and the only company official directly accused in the SEC suit, testified that he does not recall telling investors that a Goldman hedge fund client had bought into an investment that soured. \u003cbr/\u003eInstead, the hedge fund, Paulson \u0026amp; Co., bet against the security, and profited handsomely.\u003cbr/\u003eTourre categorically denied any wrongdoing.\u003cbr/\u003eThe SEC says Goldman concocted mortgage investments without telling buyers they had been put together with help from Paulson \u0026amp; Co. The agency also charged Tourre.\u003cbr/\u003eGoldman disputes the charges and says it will contest them in court.\u003cbr/\u003eLevin pressed Daniel Sparks, the former head of Goldman''s mortgages department, on whether the company felt it had a moral obligation to disclose to clients that it was making side bets against the same risky investments it was selling them.\u003cbr/\u003eSparks said that the clients should look at the assets themselves that made up the mortgage-based securities they were buying. \u003cbr/\u003eLevin accused Wall Street firms of selling securities to clients that they wouldn''t invest in themselves. \u003cbr/\u003eCriticism of Goldman''s behaviour came from both sides of the aisle.\u003cbr/\u003eGoldman is accused of reaping (b) billions at the expense of clients.\u003cbr/\u003eGoldman executives misled investors in complex mortgage securities that turned bad, investigators for the panel say. \u003cbr/\u003eIn New York on the floor of the Stock Exchange, 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