The level of risk in Goldman Sachs's mortgage portfolio during the housing bust was "a matter of expert judgment" and the result of complex data-crunching, Broderick told the gathered Senators at Tuesday's hearing.
But no approach to risk management is foolproof, Broderick notes.
"We have all learned valuable lessons from recent experiences," he said. "However, we believe that the core elements that make up our risk management framework were broadly effective despite the unprecedented turmoil in the markets."
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