The Goldman Hits the Fan!

This was UGLY! Someone over there at DOJ should be saying the RICO Word…

‘God, What a Piece of Crap’

By Robert Scheer

It was the Perry Mason moment in the unraveling of what was left of Goldman Sachs’ reputation. Only in this case, it involved a grizzled former prosecutor, Sen. Carl Levin, rather than a genial defense attorney. The case was broken and the truth about the depth of Goldman’s corruption revealed in his startling cross-examination of Goldman Chief Financial Officer David Viniar.

The Michigan Democrat, citing the language of the internal e-mails of Goldman traders concerning the deceptive products they were selling, asked: “And when you heard that your own employees in these e-mails are looking at these deals said `God what a shitty deal. God, what a piece of crap,’ when you hear your own employees and read about those e-mails, do you feel anything?”

Viniar’s answer told us all we need to know about the banal but profound immorality of Goldman’s business culture: “I think that’s very unfortunate to have on e-mail.”

A flabbergasted Levin cut in with “On e-mail? How about feeling that way?” and Viniar, apparently moved by jeers of ridicule from the audience, conceded “I think it is very unfortunate for anyone to have said that in any form.” Pressed further by Levin asking, “How about to believe that and sell them?” the CFO finally conceded, “I think that’s unfortunate as well.” To which Levin responded, “That’s what you should have started with.”…

more about “Carl Levin Smacks Down Goldman CFO On…“, posted with vodpod

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2 Responses

  1. But will it result in prison time for anyone?

  2. Doubt it. But a brilliant tactic to push needed reforms, 99% of economist and bankers are worst than an honest gambler. And are the worst forecasters, a juju priest does better. We need to stop worshipping folks in suit and ties, no diss to anyone.

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