Goldman Sachs is a corporation with over 25,000 employees. If you go through 25,000 people's emails you will find some people who believed housing was a bubble and you will find people who believed housing prices would continue higher. You will also find some narcissists, like the "Fabulous Fab", who refer to themselves in the third person.
There is very little evidence in this case but that does not matter in the court of public opinion. This was a very shrewd move by Obama to win over the masses and increase the pressure to get financial reform passed. Wall Street plays hardball with their armies of lobbyists and Obama is hitting back. While Goldman probably acted within the letter of the law, its hard to say they don't deserve this. The pursuit of short term profits is all that matters on Wall Street, no matter what the long term damage is. The bonus comes first is the real Wall Street motto.
Financial reform will hit all the Wall Street banks but the market is acting as if Goldman will be the only one effected. It is very possible that we will see a bottom today in Goldman as the bad news is bought. Toyota Motors bottomed the day of their Senate hearing and we might see the same for Goldman today.