Justice Department Reviewing SEC Case Against Goldman Sachs

"The last week has been challenging for me and my family," he said, "as I have been the target of unfounded attacks on my character and motives. I appreciate the opportunity to appear before the subcommittee to answer these false charges. I wish to repeat -- I did not mislead IKB or ACA, two of the most sophisticated institutional investors in these products anywhere in the world."

Blankfein called the day the SEC announced the charges "one of the worst days" of his professional life and said the bank has to do "a better job of striking the balance between what an informed client believes is important to his or her investing goals and what the public believes is overly complex and risky."

"While we strongly disagree with the SEC's complaint, I also recognize how such a complicated transaction may look to many people," he said. "To them, it is confirmation of how out of control they believe Wall Street has become, no matter how sophisticated the parties or what disclosures were made. We have to do a better job of striking the balance between what an informed client believes is important to his or her investing goals and what the public believes is overly complex and risky."

ABC News' Zunaira Zaki, Dan Arnall and Matthew Jaffe contributed to this report.

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