Interestingly, some financial experts argued that Congress was actually trying to pin blame on the wrong party. Gil Leistner, a Swiss financial consultant who is also a member of the Chicago Board of Trade, said senators should be grilling the fund managers who he says didn't perform proper due diligence on the investments they bought.
"Caveat emptor," he says. "If it becomes Goldman's responsibility to tell every buyer that they think a particular debt structure stinks, how do our politicians from D.C. to Main Street expect Wall Street to sell their debt for them?"
Despite all the attention on the Goldman hearings this week, markets seem to be focused on news elsewhere.
U.S. stock markets rose on Wednesday, with traders taking their cues from developments in Greece's debt crisis and expectations for the Federal Reserve to keep interest rates near zero at today's Federal Open Markets Committee meeting. The Dow Jones Industrials Average edged up 0.3 percent to 11,025. The U.S. and other world markets had fallen sharply Tuesday on a downgrading of debt issued by Greece, the financial sick man of Europe.
With reporting from Matthew Jaffe and Alice Gomstyn.