Goldman, Congress Spar on Business Ethics

Quick set-up to a report we'll have tonight about Goldman Sachs, at the tailend of some testy testimony before a Senate subcommittee.

Embedded below is the clip that for now (CEO Lloyd Blankfein is still testifying) generating the most attention -- subcommittee chair Sen. Carl Levin, D-Mich., citing an e-mail among Goldman Sachs traders that refers to a "sh**ty deal," a phrase he used over and over again to paint Goldman as corrupt. And don't worry, Republicans also launched some zingers.

Also testifying was Fabrice Tourre, the 31-year-old trader at the center of a civil fraud lawsuit filed by the SEC last week. in a January 2007 e-mail, Tourre referred to himself as the "fabulous Fab."

While Tourre said he regrets sending that e-mail, he denied any wrongdoing that helped the company cash in on the housing crisis. It is a position the company has been uniform in defending.

Meantime, on a day when Wall Street suffered bruising losses -- Goldman stocks rose by $1.01.

Now, one question becomes: How much will today's Goldman hearings help or hurt the passage of financial regulatory reform?

Join the Discussion
blog comments powered by Disqus
You Might Also Like...