United States Senate PERMANENT SUBCOMMITTEE

ON INVESTIGATIONS
Carl Levin, Chairman Tom Coburn, Ranking Minority Member

Committee on Homeland Security and Governmental Affairs

ADDITIONAL

EXHIBITS
Hearing On

WALL STREET AND THE FINANCIAL CRISIS: THE ROLE OF CREDIT RATING AGENCIES
April 23, 2010
Included in this package:

- Exhibits #101 - #104 (exhibits not included in the original package of exhibits).

199 Russell Senate Office Building, Washington, D.C. 20510 

Sent: To: Cc:

From:

Subject:

Cohn, Gary (EO 85830) Sunday, November 18,20076:04 PM Blankfein, Lloyd (EO 85830); van Praag, Lucas (EO PBC09) Winkelried, Jon (EO 85830); Viniar, David; Rogers, John F.W. (EO 85B30); Horwitz, Russell (EO 85830) Re: NYT

We were just smaller in the toxic products ----- Original Message From: Blankfein, Lloyd To: van Praag, Lucas Cc: Winkelried, Jon; Cohn, Gary; Viniar, David; Rogers, John P.W.; Horwitz, Russell Sent: Sun Nov 18 17:59:01 2007 Subject: RE: NYT Of course we didn't dodge the mortgage mess. We lost money, then made more than we lost because of shorts. Also, it's not over, so who knows how it will turn out ultimately. -----Original Message----From: van Praag, Lucas Sent: Sunday, November 18, 2007 5:47 PM T.o: Blankfein, Lloyd Cc: Winkelried, Jon; Cohn, Gary; Viniar, David; Rogers, John F.W.; Horwitz, Russell Subject: NYT Jenny Anderson and Landon Thomas' story about how we dodged the mortgage mess is scheduled to run tomorrow. At this stage, 95% certain to be on the front page. I don't expect it to be materially different to the WSJ story on the same subject that ran last week - although it will have more color and annecdotes. Have given John and Russell a detailed briefing but here are a few points: and Russell will update you on the plane,

1. GS Gives in not in the story. I have agreed to brief Jenny thoroughly on it tomorrow and expect the news to run either Tues or Wed. I think it would be good if you had a 5 min phone call with her on the subject and I'll liaise with Russell on timing. We will issue the press release to coincide with publication of her article and will actively work with other media. esp in the UK, to make sure the message is spread and picked up effectively. Tomorrow's story will, of course, have 'balance' (ie stuff we don't like). In this instance, we'have spent much time discussing conflicts, and I think we've made some progress as she aknowledges that most of her sources on the subject are financial sponsors which fact, unless edited out, is included and gives context.
3. The article references the extraordinary influence GS alums have - the most topical being John Thain, but Rubin, Hank, Duncan et al are all in the mix too. She hasn't gone as far as suggesting that there is a credible conspiracy theory (unlike her former colleague at the NY Post). She does, however, make the point that it feels like GS is running everything.

2.

5. We spent a lot of time on culture as a differentiator

- she was receptive. on the record - which is

4. She has used several remarks you made at the ML conference fine. If anything changes, I'll let you know. I L

Permanent

Subcommittee

on Investigations

EXHIBIT #101
Confidential Treatment Requested by Gold GS MBS-E-009696333 

From: Sent:

To:
Subject:

Swenson, Michael Thursday, October 11, 2007 7:06 PM Mullen, Donald RE: Early post on P and L
_ = Redacted

by the Permanent

Yes we are well positioned -----Original Message----From: Mullen, Donald Sent: Thursday, October 11, 2007 6:27 PM To: Swenson, Michael Subject: Re: Early post on P and L Sounds like we will make some serious money

----- Original Message From: Swenson, Michael To: Mullen, Donald Sent: Thu Oct 11 18:24:00 2007 Subject: RE: Early post on P and L The ...... cDO has a bunch of second lien pOSitions in it that have been written down. The collateral balance has fallen below the l;i.abilitiestriggering an "implied write-down event" which is a credit event in our CDS document. Unlike RMBS structures, COOs do not have a bond write-down feature. On another note, today's RMBS downgrades by Moody's should cause many COOs to fail their OC triggers. That will result in coupons being shut off on the bonds and hence our CDS protection premiums paid out will go to zero. -----Original Message----From: Mullen, Donald Sent: Thursday, October 11, 2007 5:49 PM To: Swenson, Michael Subject: Re: Early post on P and L Nice day How did the trigger not work

----- Original Message ----From: Swenson, Michael To: Mullen, Donald; Montag, Tom Cc: Sparks, Daniel L; Brafman, Lester R Sent: Thu Oct 11 17:47:02 2007 Subject: Early post on P and L Moody's downgraded 32bb of of 2006 AA; A, BBB and BBB- bonds today. This will eventually filter into downgrades in CDOs. ABX single-As sold off by a pOint after the news. ABS Desk P and Lwill be up between 30 and 35mm today. 12mm of the p and 1 is from our first credit event in CDOS where the implied trigger failed on a ......... deal 06-1) .

IIIIIIl

Goldman, Sachs & Co.

Permanent

E xnra IT #102

Subcommittee

on Investi2:ations

Confidential Treatment Requested by Gold

GS MBS-E-016031234 

85 Broad Street I New York, NY 10004 tel: +1 212 902 5090 I mobile: +1 91? e-mail: michael.swenson@gs.com Goldman Sachs Michael J. Swenson Fixed Income, Currency & Commodities
© Copyright

fax: +1 212 428 9?61
_ = Redacted by

the Permanent

2007 The Goldman Sachs Group, Inc. All rights reserved. See http://www.gs.com/disclaimer/email-salesandtrading.html for important risk disclosure, conflicts of interest and other terms and conditions relating to this e-mail and your reliance on information contained in it. This message may contain confidential or privileged information. If you are not the intended recipient, please advise us immediately and delete this message. See http://www.gs.com/disc1aimer/email/ for further information on confidentiality and the risks of non-secure electronic communication. If you cannot, access these links, please notify us by reply message and we will send the contents to you.

2

Confidential Treatment Requested by Goldman Sachs

GS MBS-E-016031235 

Sent:
To:

From:

Cc:
Subject: bad news ... wipes

Salem, Deeb Thursday, May 17, 20078:06 AM Swenson, Miohael Chin, Edwin FW: LBML06A

out the m6s and makes at $10 at $20

a wipeout

on the mS imminent

... costs

us about

2.Smm

3.S ru6 marked 12.5 mS ma~ked
good news ...

we own
From:

lOrnm protection

on the rn6 marked

at $50

.... we make

$Smru

Heagle, Jonathan
Thursday, May 17, 20078:00 Salem, Deebi Chin, Edwin LBML06A AM

Sent: To: Cc: Subject:

Pouraghabagher, Dariushi Brosterman, Jonathan

06:07 17May2007 LONG BEACH MORTGAGE LOAN TRUST 2006-A FILES (8-K) Disclosing Other Events May 17 (EDGAR Online) Item 8.01 Other Events Long Beach Mortgage Securities Corp announces that the May 2007 distribution report for LBML T 2006-A will reflect that 616 second-lien mortgage loans with an aggregate unpaid principal balance of $ 49,340,870.90 will be charged off on May 25,2007. The total amount to be charged off, $52,797,628.59, includes certain unreimbursed advances of principal and interest made by the servicer, Washington Mutual Bank. Information regarding the characteristics of the loans in LBMLT 2006-A is available from the trustee at its website https:/ltss.db.com/invr and at http://wmsubprime.lewtan.com. The table below sets forth the number and aggregate unpaid principal balance of the charged off mortgage loans by distribution date (the month following the due date of the last monthly payment that should have been received with respect to the loans). The chargeoff assessment date for the pool was May 1, 2007.

Distribution Date November 2006 2007 Number of Loans in Pool 7,767

December 2006 January 2007 7,624 7,468 7,305

February 2007 7,163

March 2007 6,997

April 2007 TBD"

May

Aggregate Unpaid $485,292,702.94 $475,682,053.93 $465,992,547.68 $455,518,577.50 $444,362,214.18 $434,469,820.04

Confidential Treatment Requested by

Goldnl-------------·
Permanent Subcommittee on Investigations

EXHIBIT #103

GS MBS-E-012S50973 

TBO"
Principal Balance Loans that Count: Count: Count: Count: Count: Count: Count: became 180 days 31 45 70 111 97 124 134"* delinquent Balance: Balance: Balance: Balance: Balance: Balance: Balance $2, S04,764.64 $3,624,267.82 $S,474,744.2S $9, 60S,192.29 $8,1.58,758.05 $9,781,894.90 $10,001,312.08

"Pool loan count and aggregate unpaid principal balance for the May 2007 distribution will be published on May 25t 2007 . • * The sum of loan counts in this row equals 612 because it excludes four loans charged off for reasons other than 180 days delinquency. Due to the number of affected mortgage loans for the May 2007 distribution date, there may be a larger than usual reconciliation activity on the remittance report for the June 2007 distribution date to reflect items that have not been closed out as of the scheduled reporting date to the trustee for the May 2007 distribution date. Please Contact: Doug Potolsky this filing.

at (212) 702- 6961 if you have any questions about

Full filing at: http://www.edgar-online.com/rtrsl?doC=A-0001277277-07-000368 For 3000 xtra, Kobra and internet-enabled Reuters News users, click on the URL above. For Reuters Terminal users, please type the URL into a browser. Thursday, 17 May 2007 06:07:50EOL [nEoI007427] {C}ENDS

2

Confidential Treatment Requested by Goldman Sachs

GS MBS-E-012550974 

Sent:

From:

To: Subject:
Sensitivity:

Viniar, David Wednesday, July 25,20079:18 PM Cohn, Gary (EO 85830) RE: Private & Confidential: FICC Financial Package 07/25/07 Confidential

Tells you what might be happening

to people who don't have the big short.

-----Original Message----From: Cohn, Gary (EO 85830) Sent: Wednesday, July 25, 2007 8:55 PM To: Viniar, David; Blankfein, Lloyd (EO 85B30); Winkelried, Jon (EO 85830) Subject: Fw: Private & Confidential: FICe Financial Package 07/25/07 sensitivity: Confidential Look at the Mortgage numbers up 373 in the index book and wrote down 230 in CLO-CDO and. 92 in resids Original Message ----From: Tricarico, Geoffrey P. To: fice-package Sent: Wed Jul 25 19:33:10 2007 Subject: Private & Confidential: REVENUES (Including Estimate) EST $ 12p.5
WTD
MTD QTD

FICC Financial Package 07/25/07

$ $
$.

YTD

$:

Redacted By Permanent Subcommittee on Investigations

PRE-TAX EST $ 96.6.' -WTD $ MTD $ QTD $ YTD $

Redacted By Permanent Subcommittee on Investigations

Permanent Subcommittee on Investigations Confidential Treatment Requested by

G('I.__

•E_X H_m_I_T_# ..1.0.4__ ••

..

GS MBS-E-009861799 

Redacted By Permanent Subcommittee on Investigations

Mortgage Backed Securities $ 48.7 SPG Trading +373.0 (COO/CDS and ASS/CDS widening) / CDO-CLO -230.0 debt) / Resi Credit -92.0 (Markdown of residuals)

(Markdown of retained

Redacted By Permanent Subcommittee on Investigations

«FIce

Package 2007-07-25.xls»

2

Confidential Treatment Requested by Goldman Sachs

GS MBS-E-00986180(