The big day is here: Goldman Sachs (NYSE: GS) executives will appear before The Senate Permanent Subcommittee on Investigations, and who knows what will transpire. Both sides have engaged in quite a bit of pre-hearing sparring. The committee released some emails from Fab Tourre. Goldman Sachs, for its part, has not skimped in detailing its position. So what should we be on the lookout for? For starters, expect a conciliatory tone from CEO Lloyd Blankfein (Lloyd Blankfein news), who will say he understands the skepticism with which many people view the firm's "contribution" to the economy. But expect him to stick to his guns on the big issues.

The New York Times' White Collar Watch suggests a few things to look for:

• Goldman Sachs' main defense: It will say that the firm was neither overly long or short the mortgage market overall--that is, it did not make a massive bet one way or the other and instead acted to hedge positions and make markets.
• The firm's shift on the market: Goldman Sachs' views evolved over time. At some point, it seems it became a bit more bearish, and decided to take more short positions. This may get to the issue of what should have been disclosed.
• Conflicts of interest: Does Goldman Sachs see any value in being proactive with its disclosure? You do get the sense that Goldman Sachs was being a bit coy, seemingly content to the let ACA assume that Paulson was long via the equity tranche.
• Tourre's standing with CEO Lloyd Blankfein and the others: Will he get thrown under the bus? I doubt it. 

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