Goldman Sachs Emails Highlight Importance Of Transparency, Says White House Economic Adviser
April 26th, 2010 - 7:46 pm ICT by GDBy Gina Gomez
New York, Apr 26, (THAINDIAN NEWS) The Goldman Sachs Group Inc. emails that have been released recently highlight the importance of regulation of the financial market, according to the economic adviser of the White House, Lawrence Summers. While making an appearance at the “Face the Nation” on CBS, the White House economic adviser emphasized that transparency was of utmost need in the financial market if the emails sent by Goldman is taken into account.
During the television appearance, Lawrence Summers reiterated that he would not be expressing his views about the fraud lawsuit that has been brought by the Securities and Exchange Commission against the Goldman Sachs but added that the revelations made by the emails gives an impetus to the president’s vision of transparency. The director of the White House National Economic Council said that the emails draw attention to the importance of things being in the open as well as having knowledge about the fact that who is in a position to earn profits from what.
The emails which have created quite a buzz were released by a Senate Permanent Subcommittee on Saturday which highlight that the executives of the Goldman Sachs were aware of the fact that company was making profits while the housing market crumbled. Meanwhile, Lloyd Blankfein, the Chairman and the CEO of the firm and other company executives are scheduled to appear in a court hearing in the case on Tuesday. Legal action was taken against the Goldman Sachs Group Inc. earlier this month by the Securities and Exchange Market which accused the firm of defrauding investors.
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