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Author Topic: Senator: Goldman Sachs misled clients, Congress  (Read 1611 times)

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Offline Chris_

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Senator: Goldman Sachs misled clients, Congress
« on: April 13, 2011, 10:42:58 PM »
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Senate panel slams Goldman in scathing crisis report

WASHINGTON, April 13 (Reuters) - In the most damning official U.S. report yet produced on Wall Street's role in the financial crisis, a Senate panel accused powerhouse Goldman Sachs of misleading clients and manipulating markets, while also condemning greed, weak regulation and conflicts of interest throughout the financial system.

Carl Levin, chairman of the Senate Permanent Subcommittee on Investigations, one of Capitol Hill's most feared panels, has a history with Goldman Sachs (GS.N).

Levin accused Goldman of profiting at clients' expense as the mortgage market crashed in 2007. "In my judgment, Goldman clearly misled their clients and they misled Congress," he said, reading glasses perched as ever on the tip of his nose.

The panel's report is harder hitting than one issued in January by the Obama-appointed Financial Crisis Inquiry Commission, which "didn't report anything of significance," Republican Senator Tom Coburn said at the briefing.

"Blame for this mess lies everywhere -- from federal regulators who cast a blind eye, Wall Street bankers who let greed run wild, and members of Congress who failed to provide oversight," said Coburn, the subcommittee's top Republican.
Reuters


I wonder what kind of "history" Levin has with Goldman Sachs. 
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Re: Senator: Goldman Sachs misled clients, Congress
« Reply #1 on: April 13, 2011, 11:19:33 PM »
"I am shocked to learn gambling is going on in this establishment. Shocked I tell you!"
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Offline Mike220

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Re: Senator: Goldman Sachs misled clients, Congress
« Reply #2 on: April 14, 2011, 12:13:11 AM »
A politician bitching about someone lying to them. The irony, it burns.
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Offline Chris_

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Re: Senator: Goldman Sachs misled clients, Congress
« Reply #3 on: April 14, 2011, 08:13:58 AM »
When politicians lie, they call it campaigning.  When everyeone else lies, they get in trouble for it.
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Offline true_blood

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Re: Senator: Goldman Sachs misled clients, Congress
« Reply #4 on: April 14, 2011, 08:06:46 PM »
Quote from: chris_ on April 14, 2011, 08:13:58 AM
When politicians lie, they call it campaigning.  When everyeone else lies, they get in trouble for it.
Great point Chris.
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Offline Gratiot

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Re: Senator: Goldman Sachs misled clients, Congress
« Reply #5 on: May 07, 2011, 11:09:20 PM »
Quote from: chris_ on April 14, 2011, 08:13:58 AM
When politicians lie, they call it campaigning.  When everyeone else lies, they get in trouble for it.

I don't know whether I should laugh at the honesty, or cry at the thought... regardless  :cheersmate:

As for the article, while Goldman Sachs vigorously proclaims how it keeps it's analysts and trading departments complete separate... it's hard to deny that questionable improprieties occurred with that mess.  It likely would take an investigation to even begin to unravel it.
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