Full disclosure is not Goldman's job, executive tells panel

Daniel Sparks, a former Goldman Sachs partner, told the Senate investigations subcommittee that disclosure requirements varied when selling products to investors. 

Since mortgage-backed securities were peddled by "market makers," there was no need to tell investors that Goldman had bet against the very product they were being sold. 

"Market making itself, as long as people know what they are investing in, I don't think that knowledge of the position of their counter party is something that has to be disclosed and I don't think it currently is disclosed by market makers," Sparks said, adding, "we're [Goldman's] position isn't going to affect how that instrument performs."