Senate Finds Goldman ‘Clearly Misled’ Clients

Sunday, April 17, 2011
Reuters, Raw Story
Submitted by: Kevin J. Ziruolo

WASHINGTON (Reuters) - In the most damning official U.S. report yet produced on Wall Street's role in the financial crisis, a Senate panel accused powerhouse Goldman Sachs of misleading clients and manipulating markets, while also condemning greed, weak regulation and conflicts of interest throughout the financial system.

[excerpt] Carl Levin, chairman of the Senate Permanent Subcommittee on Investigations, accused Goldman of profiting at clients' expense as the mortgage market crashed in 2007.

"In my judgment, Goldman clearly misled their clients and they misled Congress," Levin said.

The Senate report goes on to show "without a doubt the lack of ethics in some of our financial institutions who embraced known conflicts of interest to accomplish wealth for themselves, not caring about the outcome for their customers," Levin continued.

Goldman is one of many banks the report identifies as key suspects in the global economic collapse.

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Posted by Editor on 04/17/11 at 07:07 AM • (0) Comments

Tags: wall street, goldman sachs, banks, carl levin,