The Senate report accusing Goldman Sachs (GS -0.3%) of misleading clients and manipulating...

The Senate report accusing Goldman Sachs (GS -0.3%) of misleading clients and manipulating markets is formally referred to the Justice Department and SEC, Bloomberg reports. A formal referral from the Senate is “much more than a symbolic gesture,” because it prompts an agency to put the matter “at the top of its list."

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  • Tony Petroski
    , contributor
    Comments (6356) | Send Message
    AP reports: "Insiders at the Justice Department confirm that the Senate referral will have some traction because Eric Holder has been reported as stating: 'We can go after them, they're not Our People.'"
    4 May 2011, 09:50 AM Reply Like
  • spald_fr
    , contributor
    Comments (2814) | Send Message
    I think Senator Carl Levin, D-MI, was really insulted by Blankenfein when he testified before Levin's committee. Selling mortgage securities to customers while concurrently shorting the instruments seems to be the item of interest.
    4 May 2011, 09:52 AM Reply Like
  • kmi
    , contributor
    Comments (4583) | Send Message
    Levin was pissed off bad during that episode, and when Bloomberg interviewed him shortly after he was still fuming.


    Blankfein just sat there lieing through his teeth telling Congress to kiss his ass.


    I'm guessing that's why Blankfein is staying on with GS, he had the balls to stare down the US Congress and now Levin is calling his bluff.


    This will let us know who really runs the country, if nothing else, Congress or the banks.
    4 May 2011, 10:15 AM Reply Like
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