Tuesday, April 27, 2010

Watch senator hammer Goldman's 'shitty deal'

Posted By on Tue, Apr 27, 2010 at 1:45 PM

Ever since the economy’s near-collapse in late 2008, we’ve waited and waited and waited for the federal government to go after the greedy bastards in the investment banking and high finance racket, er, business. If you’ve been waiting for the same thing, well, today is our day. The Senate Permanent Subcommittee on Investigations is looking into Goldman Sachs’ sleazebag deals and maneuvers. The Securities and Exchange Commission (SEC) sued the bank earlier this month, saying Goldman deliberately did not tell buyers that certain investment packages were assembled by a hedge fund client, Paulson & Co., which bet on the investments to fail.

If you’re as fed up as most Americans by the high-risk, dirtbag shenanigans of the finance industry, check out the video below of Subcommittee Chair Sen. Carl Levin taking on Dan Sparks, a Goldman senior executive, about an internal Goldman memo in which the bank’s sale of a particular set of toxic mortgage securities was described this way: “Boy, that was one shitty deal.” Sparks tried to weasel his way out of trouble, but Levin wouldn’t let him go, repeating the “shitty deal” description over and over. Take a look, and enjoy the sight of your government cutting one of Wall Street’s leading assholes a whole new one.

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