They have clients who say "where do I put my money to make more.?" So Goldmans suggested that the clients put their money into housing growth in America. The American housing market was failing but Goldmans "pushed" an upturn. Clients paid their money in and lost. Oh well buyer beware as they say.
BUT at the same time that Goldmans were pushing an upturn to clients they were, in fact, backing a downturn!!! at better odds. So the more that the clients poured into housing the more Goldmans made. They got commissions and fees and also made a fortune when things crashed. Their defence is that stocks can go down as well as up. They say that figures were available to show that housing was failing and investors really should not have taken the bad advice. Hilarious!
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