Goldman Sachs' woes mounted yesterday as a high-powered US Senate subcommittee accused the Wall Street bank of “unethical” behaviour and profiting from the financial crisis.

During a day-long hearing of present and former officials which was due to culminate in the testimony of Lloyd Blankfein, Goldman's chief executive, the panel attacked the bank's business model and role in contributing to turmoil that left the global economy on its knees.

The hearing marked the first public appearance for Fabrice Tourre, the 31-year-old mortgage specialist, since regulators accused him and Goldman 10 days ago of defrauding investors in a mortgage-backed security. Mr Tourre, looking tense in the packed room, said he “categorically” denied the civil charges of fraud by the Securities and Exchange Commission.