04-13-2011 - Senate Investigations Subcommittee Releases Levin-Coburn Report On the Financial Crisis : Senator Carl Levin: News Release

04-13-2011 - Senate Investigations Subcommittee Releases Levin-Coburn Report On the Financial Crisis : Senator Carl Levin: News Release

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Senate Investigations Subcommittee Releases Levin-Coburn Report On the Financial Crisis
levin.senate.gov

WASHINGTON – Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression.

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“Using emails, memos and other internal documents, this report tells the inside story of an economic assault that cost millions of Americans their jobs and homes, while wiping out investors, good businesses, and markets,” said Levin. “High ...risk lending, regulatory failures, inflated credit ratings, and Wall Street firms engaging in massive conflicts of interest, contaminated the U.S. financial system with toxic mortgages and undermined public trust in U.S. markets. Using their own words in documents subpoenaed by the Subcommittee, the report discloses how financial firms deliberately took advantage of their clients and investors, how credit rating agencies assigned AAA ratings to high risk securities, and how regulators sat on their hands instead of reining in the unsafe and unsound practices all around them. Rampant conflicts of interest are the threads that run through every chapter of this sordid story.”See More
7 hours ago

Goldman Sachs Ripped Off And Misled Clients, Senate Report Says

Goldman Sachs Ripped Off And Misled Clients, Senate Report Says

Facebook Post by: US Uncut-Michigan
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"Last year's financial reform law includes a section authored by Levin that tries to clean up the markets by prohibiting firms from betting against securities they sell to their clients. Levin pointed to Goldman's activities as a primary reason for why he wanted that in the new law"~article
Goldman Sachs Ripped Off And Misled Clients, Senate Report Says
www.huffingtonpost.com
Goldman Sachs, the nation's fifth-largest bank by assets, systematically misled clients, sold them financial instruments it knew was junk, bet against them and profited off of their losses, according to a Senate report released this week. The report, the product of a two-year investigation, paints... Full Article Here