The eight-page letter, signed by chief executive Lloyd Blankfein and president Gary Cohn, also contained a detailed defence of the $12.9bn (£8.5bn) payout which Goldman received from AIG after the failed insurance giant was bailed out by the US government.

The letter appears to be a detailed response to some of the allegations made nine months ago by Rolling Stone journalist Matt Taibbi. His article, which argued that Goldman had repeatedly profited by inflating unsustainable financial bubbles, received widespread coverage. It included the claim that the company was “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money”.

via Goldman Sachs denies ‘betting against clients’ | Business | guardian.co.uk.