Senator Elizabeth Warren has questioned Goldman Sachs' role in the failure of Silicon Valley Bank (SVB) and the profits it allegedly made in the process, Reuters reported. "Goldman Sachs, serving as both the buyer of SVB-held bonds and the architect of failed efforts to raise capital for the bank, raked in profits and fees even as SVB was seized by the Federal Deposit Insurance Corporation (FDIC)," Warren said in a June 29 letter to the Wall Street bank. The letter said Goldman Sachs benefited further as market turmoil following SVB's failure increased the value of the discounted bond portfolio by an estimated $100 million. Goldman acquired a bond portfolio on which SVB booked a $1.8 billion loss, a transaction that preceded a failed share sale by the lender for which the Wall Street bank was an underwriter.
