Hedge Funds Politics & Regulation

Should Goldman's clients come first?
Only the hedge fund manager says yes

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Only Josh Birnbaum, now manager of hedge fund Tilden Park Capital Management, clearly said that Goldman's clients come first.

Daniel Sparks, Josh Birnbaum, Michael Swenson and Fabrice Tourre.
Photo: Andrew Harrer, Bloomberg.

Goldman Sachs executives faced tough questions on Capitol Hill today for alleged conflicts of interest in selling mortgage-backed securities that later failed.

In one tense back and forth, Senator Susan Collins (R-ME) asked each of the four Goldman Sachs representatives testifying if they “have a duty to act in the best interests of your clients.”

Only Josh Birnbaum, now manager of hedge fund Tilden Park Capital Management, clearly said yes.

“Not only do I believe we do, I believe we did,” said Birnbaum, a