(Adds details throughout)
WASHINGTON, April 25 Emails sent by Goldman
Sachs Group Inc's (GS.N) executives on money the firm made by
betting against risky mortgage securities highlight the need
for transparency in financial markets, senior White House
adviser Lawrence Summers said on Sunday.
Summers, on CBS's "Face the Nation," said he would not
comment on specifics of a fraud suit against Goldman brought by
the Securities and Exchange Commission.
"But I will say this," Summers said. "This underscores what
is at the center of the president's vision here: the importance
of transparency, the importance of things being in the open,
the importance of it being known who is in a position to
benefit from what."
The release of the emails came as the company is battling
SEC charges that Goldman hid vital information from investors
about a subprime mortgage-linked security.
One email from Goldman Chief Executive Lloyd Blankfein
dating from November 2007, said: "Of course we didn't dodge the
mortgage mess. We lost money, then made more than we lost
because of shorts."
The emails were released by a Senate Permanent Subcommittee
on Investigations ahead of a hearing on Tuesday on the origins
of the financial crisis.
Summers, director of the White House National Economic
Council, urged passage of a sweeping bill to overhaul U.S.
He was also asked about the prospect that climate
legislation might get sidelined with Democrats now signaling
they want to move ahead on comprehensive immigration
"They are both important there's no either/or between
energy and immigration reform," Summers said.
He criticized what he saw as unwillingness among many
Republicans to engage in bipartisan efforts on the two issues.
But Summers added, "We are prepared to go ahead vigorously
with any partner who wants to join us on energy reform and
immigration legislation because we believe the gridlock needs
(Reporting by Caren Bohan and Tim Gardner, editing by Vicki