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Goldman Sachs misled Congress after duping clients, Senate panel chairman says

Posted By admin On April 14, 2011 @ 5:04 am In Money Watch | Comments Disabled

Bloomberg, [1]
April 14, 2011

Goldman Sachs misled clients and Congress about the firm’s bets on securities tied to the housing market, the chairman of the U.S. Senate panel that investigated the causes of the financial crisis said.

Senator Carl Levin, releasing the findings of a two-year inquiry yesterday, said he wants the Justice Department and the Securities and Exchange Commission to examine whether Goldman Sachs violated the law by misleading clients who bought the complex securities known as collateralized debt obligations without knowing the firm would benefit if they fell in value.

The Michigan Democrat also said federal prosecutors should review whether to bring perjury charges against Goldman Sachs Chief Executive Officer Lloyd Blankfein and other current and former employees who testified in Congress last year. Levin said they denied under oath that Goldman Sachs took a financial position against the mortgage market solely for its own profit, statements the senator said were untrue.

“In my judgment, Goldman clearly misled their clients and they misled the Congress,” Levin said at a press briefing yesterday where he and Senator Tom Coburn, an Oklahoma Republican, discussed the 640-page report from the Permanent Subcommittee on Investigations.

Full article here [1]

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Goldman Sachs misled Congress after duping clients, Senate panel chairman says 101210banner4 [3]

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URLs in this post:

[1] Bloomberg,: http://www.washingtonpost.com/business/economy/goldman-sachs-misled-clients-lawmakers-on-cdos-senate-panel-says/2011/04/13/AFhEv8ZD_story.html?hpid=z2

[2] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[3] Image: http://www.stansberryresearch.com/pro/1011PSIENDVD/PPSILC35/PR

[4] Goldman Sachs readies forceful response against claims it misled clients: http://www.prisonplanet.com/goldman-sachs-readies-forceful-response-against-claims-it-misled-clients.html

[5] Goldman Sachs Clients Advised To Do Opposite Of What They Are Told: http://www.prisonplanet.com/goldman-sachs-clients-advised-to-do-opposite-of-what-they-are-told.html

[6] Goldman Again Tries To Dispel Notion That It Bets Against Its Clients: http://www.prisonplanet.com/goldman-again-tries-to-dispel-notion-that-it-bets-against-its-clients.html

[7] Goldman Bet Against Entire European Nations – Who Were Clients – the Same Way It Bet Against Its Subprime Mortgage Clients: http://www.prisonplanet.com/goldman-bet-against-entire-european-nations-who-were-clients-the-same-way-it-bet-against-its-subprime-mortgage-clients.html

[8] Levin to Goldman Sachs: ‘You Knew It Was a S–tty Deal!’: http://www.prisonplanet.com/levin-to-goldman-sachs-you-knew-it-was-a-s-tty-deal.html

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