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A Senate panel report yesterday slammed Goldman Sachs (GS) for its role in the financial...

A Senate panel report yesterday slammed Goldman Sachs (GS) for its role in the financial crisis, accusing the the bank of selling CDOs that misled investors and creating conflicts of interest by building short positions before the housing market collapsed.
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Comments (5)
  • kelly225
    , contributor
    Comments (26) | Send Message
     
    For some people, it takes years.....
    14 Apr 2011, 08:14 AM Reply Like
  • tigersam
    , contributor
    Comments (1711) | Send Message
     
    This is abuse of power by Senate panel. Carl Levin treated goldman ceo like a bug in the hearings. Carl Levin is not above the law. Goldman CEO should have given the following analogy:

     

    Lets say Carl Levin has a TD Ameritrade account and he bought 100 shares of Apple. Can he call TD Ameritrade and ask who sold those 100 shares to me. Who is on the other side of the trade. TD Ameritrade will laugh at him. Next day Apple tanks due to Steve Jobs becuase Carl Levin has bad luck. Now he is furious and investigate everbody's grandmother. That is abuse of this power.
    14 Apr 2011, 08:17 AM Reply Like
  • drekon
    , contributor
    Comments (192) | Send Message
     
    Funny how they never point the fingers at themselves. CDOs alone are not a bad thing. If Congress didn't require a home for everyone, we wouldn't have had zero down, income stipulation loans to package in CDOs. It was the failure of those traunches that caused CDOs to fail. It would be like legislating that life insurers charge the same premium for the terminally ill. You think it would destroy the actuarial tables? I shouldn't give them ideas...
    14 Apr 2011, 08:28 AM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    Any bets as to how much GS will settle for...or will they all go to jail..LOL...its only our money....bailed out....what a joke...
    14 Apr 2011, 08:45 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3533) | Send Message
     
    "Any bets as to how much GS will settle for?"

     

    Settle? They will accept their wrist slap sanction with pious faces.
    14 Apr 2011, 02:56 PM Reply Like
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