Goldman Sachs executives go before U.S. Senate - WKOW 27: Madison, WI Breaking News, Weather and Sports

UPDATE: Goldman Sachs executives go before U.S. Senate

WASHINGTON (AP) -- The CEO of Goldman Sachs defended his company under blistering criticism from a Senate subcommittee on Tuesday.

Lloyd Blankfein and other Goldman executives held their ground, denying they helped cause a financial near-meltdown as they were lambasted by lawmakers.

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WASHINGTON (WKOW) -- Goldman Sachs' top executives go before the Senate Tuesday.

The Senate subcommittee wants to know what the firm was doing during the meltdown of the housing market.

Goldman Sachs already is accused of fraud by the Securities and Exchange Commission. The SEC says the company misled its investors by pushing complex mortgage securities that it knew would likely tank.

In its 18-month investigation, the SEC says some 2 million Goldman Sachs e-mails it scrutinized show a shift in early 2007 which the company bet the mortgage market would likely collapse.

Goldman Sachs strongly denies the allegations. In his testimony Tuesday, CEO Lloyd Blankfein will repeat that his firm lost $1.2 billion in the mortgage meltdown, and never bet against its clients.

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