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April 29th, 2010
10:06 AM ET

Sen. Levin Questions Goldman Rep. about Sh**tty Deal

Sen. Carl Levin of Michigan didn't hold back this week while grilling top Goldman Sachs representatives about the firm's questionable mortgage practices as the nation's housing market started to unravel in 2007.

Levin, who chairs the Permanent Subcommittee on Investigations, read from an email in which a Goldman Sachs executive referred to one mortgage deal as "shi**y."

He then questioned Daniel Sparks, the former head of Goldman's mortgage department, about that e-mail.

Take a listen and tell us what you think.


Filed under: CNN Newsroom • Fredricka Whitfield
soundoff (16 Responses)
  1. Wayne

    I certainly do not condone or side with Wall Street, however, Congressmen and women admonishing Goldman Sachs about questionable practices is akin to a fox guarding a hen house. Congress should get their own affairs in order before getting in any ones face. People who live in glass houses should not throw stones. Please such BS...............

    April 29, 2010 at 10:36 am |
  2. Gigi Harrison

    He said it EXACTLY how I been saying with the EXACTS words that I been using. Finally, a senator heard me & listen and understood my feelings. Way to Go!!!! Go get them!!!!

    April 29, 2010 at 11:03 am |
  3. ann sarich

    Interesting...there's been more comments about a few swear words than there has been about this whole mess. I think the media coverage has been, well.....sh***y

    April 29, 2010 at 11:41 am |
  4. Michael in Scottsdale

    This is all for show. There should be more swearing as the people behind this lose everything and they are carted away to jail.

    April 29, 2010 at 12:12 pm |
  5. ramon a. rodgers

    is there a goldman sachs for the native american? luck of the draw? las, wadas owe more than $$$ . come tribal leader and speak, from the 4 winds aim high and true. thank you grandfather for giving us representations among our people. we shall return.

    April 29, 2010 at 12:16 pm |
  6. MR.AL

    Senator Carl Levin it's about time somebody spoke the truth about Wall Street. Dan Sparks would not admit what was written on paper!!! It's interesting to see how people act when caught with the facts. Goldman Sachs and all outher Institutions including big oil and Autobile manufactures need reform. Today Exon said profits were up by 38% why are gas prices rising? A MESSAGE for MR. Obama we need to get tougher!! No matter what the Repulicans lawmakers say. American middle to lower class are tired of the BS!! The untruths and false information. The word SHI_TY was correct while middle to the lower class to the Seniors who through the years have pushed aside with cuts to the SSI SYSTEM. In 2010 being froze and being told there was no money while Lawmakers gave thenselves a sizeable raise!!

    April 29, 2010 at 12:28 pm |
  7. Carl

    I'm glad to see Levin working for our interests.

    But where is McCain? Hiding under a rock? Thirty years as a Senator from Arizona and he did nothing about border security for his own state in all that time. Total chaos now. He likes the new unconstitutional law on discrimination and simply blames the problems of the world on Obama. If Arizonans don't vote him out this time, then they deserve him and all the crime, murder, and drugs that come across the boarder! Send him back to Panama where he was born. Ask him for his birth certificate.

    April 29, 2010 at 12:50 pm |
  8. Dee

    PLEASE, people, stop acting surprised!

    This stuff has been going on forever. Don't you all know about the bridge I have for sale?

    And don't act like everyone involved, directly as employees of these companies, or as recipients of campaign contributions from these companies, wasn't somewhat in the know. If they were NOT, then I can only say they are all incredibly stupid and that should have been a warning!

    April 29, 2010 at 1:24 pm |
  9. Michael in Scottsdale

    This is all for show. There should be more swearing as the people behind this lose everything and they are carted away to jail.

    April 29, 2010 at 4:38 pm |
  10. Butch Jordan

    This is a true conundrum . This is a game being played out before the television audience. A game designed to admonish those who cost so many people everything they had. For a member of Congress to question the integrity of Goldman Sachs is darn near comical. The Committee sits there with an accusatory finger out on one hand, and the other hand is out waiting to be paid a great deal of money. They know Goldman Sachs will pay big to get out of trouble, and their licking their chops and lining up at the pay window. The true losers here are the people who depend on honesty and integrity and fair play to keep them from falling over the edge. The winner here ….well I guess that is the conundrum isn't it?

    April 29, 2010 at 8:09 pm |
  11. maze1gerald

    Sen levin called it like he saw it,hehe

    April 29, 2010 at 11:27 pm |
  12. John Tyler Erie, Pa

    He was just calling a "spade" a "spade". For those that lost their pension his language was very mild.

    April 30, 2010 at 8:03 am |
  13. Prof. Lawrence Cox

    Fredricka,
    Senator Levin may have been over the top in his questioning, but Senator McCaskill was right on target. She described the derivatives of derivatives (akin to selling bets on somebody else's lottery tickets) that Goldman Sachs was selling as gambling, and she described the firm as a bookmaker. But an honest bookie shows no favoritism to clients on either side of a bet. Goldman was not an honest bookie.
    Congress opened the law to this type of sophisticated financial gambling, which my late (and wise) grandmother would have called "finagling," by passing the so-called Commodity Futures Modernization Act in 2000. I may have missed it, but I haven't heard of any senators calling for repeal of this law. President Clinton, however, who signed the bill into law, has called it a mistake on his part.

    May 1, 2010 at 1:43 pm |
  14. Marva Coleman

    These men at Goldman Sachs are no more than common criminals and should go to prison for a long time. They ruined the lives of thousands of people.

    May 1, 2010 at 1:46 pm |
  15. TonyInLargo

    Better regulations with more transparency, oversight and auditors equals protection for my hard earned money which is manipulated in Wall Street whilst I navigate towards retirement. Make no mistake a bout it. I'm for protecting my share.

    Bad habits are hard to break and we can always do things better tomorrow than the way we did them today. This is what the reform will bring, change for the better. In fact, that change is not only needed to protect my assets and everyone else's, but it's needed so the entire World will once again feel like they can invest in our Financial System.

    The entire Financial Sector which is going to be affected by this legislation would do well to participate in its redaction with their expertise and so they can eventually "own the reform" and know how to comply with it.

    If after what happened in the Fall of 2008, which we are still tackling today, someone feels that this isn't needed, then, they need their head examined, unless of course they just like the conditions under which they were able to play Hocus-Pocus to "legally" steal Billions$ of peoples savings, IRA's and Pensions.

    Reform now !

    May 1, 2010 at 9:51 pm |
  16. Michael Armstrong Sr.

    The Sen. could have used the word corrupt instead of S#@ty.

    May 2, 2010 at 8:35 am |

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