[net-gold] UNITED STATES: GOVERNMENT : BANKS AND BANKING : INVESTMENT : INVESTIGATIONS: Senate Showdown Puts Goldman's Defense on Display
- From: "David P. Dillard" <jwne@xxxxxxxxxx>
- To: Net-Gold <Net-Gold@xxxxxxxxxxxxxxx>, Temple University Net-Gold Archive <net-gold@xxxxxxxxxxxxxxxxxxx>, Temple Gold Discussion Group <TEMPLE-GOLD@xxxxxxxxxxxxxxxxxxx>, Net-Gold <net-gold@xxxxxxxxxxxxxxxx>, Sean Grigsby <myarchives1@xxxxxxxxxxxxxxx>, Educator Gold <Educator-Gold@xxxxxxxxxxxxxxx>, Educator Gold <Educator-Gold@xxxxxxxxxxxxxxxx>, K12AdminLIFE <K12AdminLIFE@xxxxxxxxxxxxxxx>, Net-Platinum <net-platinum@xxxxxxxxxxxxxxx>, NetGold <netgold@xxxxxxxxxxxxxxx>, "Net-Gold @ Nabble" <ml-node+3172864-337556105@xxxxxxxxxxxxx>, K-12ADMINLIFE <K12ADMIN@xxxxxxxxxxxxxxxxxxx>, MediaMentor <mediamentor@xxxxxxxxxxxxxxx>, Digital Divide Diversity MLS <mls-digitaldivide@xxxxxxxxxxxxxxx>, net-gold@xxxxxxxxxxxxx
- Date: Wed, 28 Apr 2010 07:56:09 -0400 (EDT)
.
UNITED STATES: GOVERNMENT :
BANKS AND BANKING :
INVESTMENT :
INVESTIGATIONS:
Senate Showdown Puts Goldman's Defense on Display
Senate Showdown Puts Goldman's Defense on Display
By MARCY GORDON and TOM RAUM
The Associated Press
Wednesday, April 28, 2010; 6:53 AM
<http://www.washingtonpost.com/wp-dyn/content/
article/2010/04/28/AR2010042800973.html>
A shorter URL for the above link:
<http://tinyurl.com/2fehyb4>
WASHINGTON -- A Senate showdown has put Goldman Sachs' defense of its
conduct in the run-up to the financial crisis on display before indignant
lawmakers and a national audience. Democrats hope it also builds momentum
for legislation, now before the Senate, to tighten regulation of the
nation's financial system.
Goldman Sachs CEO Lloyd Blankfein testily told skeptical senators at a
hearing Tuesday that clients who bought subprime mortgage securities from
the Wall Street powerhouse in 2006 and 2007 came looking for risk "and
that's what they got."
The Senate investigative panel alleges the firm bet against its clients -
and the housing market - by taking short positions on mortgage securities,
and failed to tell them that the securities it was selling were very high
risk.
Blankfein was the final witness in a daylong hearing on Goldman's conduct
before the financial near-meltdown that turned into the worst recession
since the Great Depression. The Securities and Exchange Commission filed a
civil fraud suit earlier this month against the firm and one of its
traders.
Goldman's CEO and other executives were lambasted by senators for
"unbridled greed" in an often-electric showdown between Wall Street and
Congress - with expletives frequently undeleted. Unrepentant, five present
and two former Goldman executives unflinchingly stood by their conduct
before the Senate Permanent Subcommittee on Investigations, which had
probed Goldman's activities for 18 months.
-----------------------------------------
The complete article may be read at the URL above.
Sincerely,
David Dillard
Temple University
(215) 204 - 4584
jwne@xxxxxxxxxx
<http://daviddillard.businesscard2.com>
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