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Goldman Sachs: Risk M anagement and the Residential Mortgage M ar ket I. Executive Summary

Goldman Sachs: Risk M anagement and the Residential Mortgage M ar ket I. Executive Summary The financial crisis has been a humbling experience for every participant in the financial system. The events of the past few years have put a particular focus on risk management, its failures and its economic implications. At Goldman Sachs, we have dealt with both the challenges of navigating the crisis itself and with questions about our actions before and during the crisis. Our risk management and business practices in the mortgage market have received much attention. In that connection, we would like to make the following. | Goldman Sachs Ris k Manage ment and th e R esid ential Mortgage Mark e t I. Executive Summary The financial crisis has been a humbling experience for every participant in the financial system. The events of the past few years have put a particular focus on risk management its failures and its economic implications. At Goldman Sachs we have dealt with both the challenges of navigating the crisis itself and with questions about our actions before and during the crisis. Our risk management and business practices in the mortgage market have received much attention. In that connection we would like to make the following points Goldman Sachs did not take a large directional bet against the U.S. housing market and the firm was not consistently or significantly net short the market in residential mortgage-related products in 2007 and 2008 as the performance of our residential mortgage-related products business demonstrates. Goldman Sachs was not a dominant participant in the residential mortgage-related products market. The firm s net revenues from residential mortgage-related activities were very small both in total and relative to the rest of our business. In fact from 2003 to 2008 annual net revenues attributable to mortgage-related products commercial and residential never exceeded approximately 2 of the firm s overall net revenues. In fiscal year 2007 the firm had less than 500 million of net revenue from residential mortgage-related products -approximately 1 of the firm s overall net revenues. Goldman Sachs did not have access to any special information that caused us to know that the U.S. housing market would collapse. In fact as a result of the spread of the crisis from subprime to all residential mortgages Goldman Sachs had overall net losses of approximately 1.7 billion with respect to residential mortgage-related products for fiscal year 2008. Goldman Sachs did not engage in some type of massive bet against our clients. The risk management of the firm s .