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Mr Levin said it was not his committee's role to judge the legality of the SEC's claims, adding that the hearing was concerned with "ethics and policy".
But he said that Goldman's actions reverberated around America. The firm's "misuse of exotic and complex financial structures helped spread toxic mortgages throughout the financial system," he said.
"And when the system finally collapsed under the weight of those toxic mortgages, Goldman profited from the collapse," he added.
Originally posted by Bunken Drum
Well, I'll wait to see how they treat Lloyd Blankfein before I applaud this investigation.
Goldman Sachs: Politically Motivated Ordeal
Faber does not think the SEC charges against Goldman Sachs will have a very significant impact on the markets since the accusations are “purely politically motivated.”
“Obama has lost the trust of the people; his approval rating is worse than Bush at this stage in the presidency. When people are dissatisfied in a democracy - you go after a minority to target – in the case of America you go after Goldman Sachs because it is the symbol of Wall Street and excessive money creation and there is also a tone of anti-Semitism there.” - Text