Goldman Sachs, while thanking the government for the aid it received during the credit crunch, said it did not make bets against its clients in the mortgage market. "Although Goldman Sachs held various positions in residential mortgage-related products in 2007, our short positions were not a 'bet against' our clients," CEO Lloyd Blankfein and President Gary Cohn wrote in an introductory letter for the company's annual report.

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