Senate panel slams Goldman over crisis report
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.
He clashed publicly with its Chief Executive, Lloyd Blankfein, a year ago at a hearing on the crisis.
The Democratic
lawmaker again tore into Goldman at a press briefing on his panel’s
639-page report, which is based on a review of tens of millions of
documents over two years.
Mr. Levin accused Goldman of profiting at clients’ expense as the mortgage market crashed in 2007.
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