I agree with you, but also your comment made me think about the absurdity of how most people perceive banking. I.e. "if a bank does it to be profitable, it's bad; but if somebody else does it, it's OK".
if it reads that way, then know also that the bonds already existed. the IOU shifted from one entity to another.
also, how would GSAM look if they didn't let their clients buy this? they may lose those clients and their own reputation.