12/7/2009

Goldman Sachs executives, including CEO Lloyd Blankfein, said the company did not need the government's aid to survive the financial crisis. Treasury Secretary Timothy Geithner responded, saying the entire financial system was threatened at the height of the crisis. "The entire U.S. financial system and all the major firms in the country, and even small banks across the country, were at that moment at the middle of a classic run, a classic bank run," Mr. Geithner said. Goldman Sachs, JPMorgan Chase, Morgan Stanley and others have since returned the government's funds with interest.

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