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Sen. Carl Levin: Goldman Sachs Misled Congress After Duping Clients

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 11:20 AM
Original message
Sen. Carl Levin: Goldman Sachs Misled Congress After Duping Clients

(Bloomberg) Goldman Sachs Group Inc. (GS) misled clients and Congress about the firms 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. ..............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-04-14/goldman-sachs-...



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indepat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 11:33 AM
Response to Original message
1. Tis a shame the RICO statutes won't/can't be applied to the likes of this and other overt Wall
Edited on Thu Apr-14-11 11:35 AM by indepat
Street racketeering. :patriot:

Edited for context
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howaboutme Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 11:42 AM
Response to Reply #1
2. RICO should be applicable
But why wouldn't it be? It applies to racketeering.

Under the law, racketeering activity means:

* Any violation of state statutes against gambling, murder, kidnapping, extortion, arson, robbery, bribery, dealing in obscene matter, or dealing in a controlled substance or listed chemical (as defined in the Controlled Substances Act);
* Any act of bribery, counterfeiting, theft, embezzlement, fraud, dealing in obscene matter, obstruction of justice, slavery, racketeering, gambling, money laundering, commission of murder-for-hire, and several other offenses covered under the Federal criminal code (Title 18);
* Embezzlement of union funds;
* Bankruptcy fraud or securities fraud;
* Drug trafficking; long-term and elaborate drug networks can also be prosecuted using the Continuing Criminal Enterprise Statute;
* Money laundering and related offenses;
* Bringing in, aiding or assisting aliens in illegally entering the country (if the action was for financial gain);
* Acts of terrorism.


http://en.wikipedia.org/wiki/Racketeer_Influenced_and_C...
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Doctor_J Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 11:43 AM
Response to Reply #1
3. RICO Act most certainly does apply
But you're right, it won't be.
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indepat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 12:32 PM
Response to Reply #3
5. You mean AG Holder might not jump on these seeming RICO violations like
ugly on an ape? :patriot:
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Scuba Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 12:24 PM
Response to Original message
4. I'm confident the Goldman executives responsible for this will be held....
...in high esteem by their colleagues, and given billions in bonuses.
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