Some people at the firm said Mr. Blankfein seemed insufficiently apologetic, focusing too much on Goldman's role as a trading operation and not enough as a trusted underwriter securities sold to clients.

WSJ: For Goldman Employees, Concern and Shots

In 2006, Bear Stearns was the number one underwriter of mortgage-backed securities, with 11% of the US mortgage securities market.

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Previously, robust demand meant underwriters could sell these securities with a premium over the price at which the issuer had sold them to the underwriter.

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