Goldman Sachs Says It Bought Too Many Illiquid Assets Pre-Crisis

Goldman Sachs Group Inc., the fifth-biggest U.S. bank, purchased too many hard-to-sell assets before the financial crisis in 2008, Chief Financial Officer David A. Viniar said.

Goldman Sachs was “buying more illiquid assets than we probably should have,” Viniar, 55, said today at a conference in Miami hosted by Credit Suisse Group AG, his eighth consecutive appearance at the annual event. “It was a good lesson learned.”