Levin To Ex-Goldman Partner: 'Should Goldman Sachs Be Trying To Sell A Sh--ty Deal?'

[one...two...tree 2,762]

Let the expletives fly.

Moments ago, Sen. Carl Levin (D-MI) had a swear-laced exchange with former Goldman Sachs partner Daniel Sparks during today's Senate Permanent Subcommittee on Investigations hearing. The subcommittee is part of the Homeland Security and Governmental Affairs Committee.

"Boy," Levin said, reading from an internal June 22, 2007 Goldman email, "that Timberwolf was one shitty deal."

"How much of that shitty deal did you sell to your clients after June 22, 2007?" Levin asked Sparks.

"Mr. Chairman, I don't know the answer to that, but the price would have reflected levels that they wanted to invest in at the time."

Levin

: But you didn't tell them you thought it was a shitty deal.

Sparks

: I didn't say that.

Levin

: No. Who did? Your people. Internally. You knew it was a shitty deal and that's what your email shows.

Sparks tried to recast the meaning of that email -- that it was his performance on the deal that wasn't good, rather than the deal itself -- but Levin was having none of it.

Goldman sold hundreds of millions of dollars on that product after the email was sent, Levin said, and selling it was a "top priority."

"Should Goldman Sachs be trying to sell a shitty deal?" Levin demanded. "Can you answer that one yes or no?"

Sparks didn't.

Edited April 27, 2010 by El Buscador

[Mr. Big Dog 10,747]

And yet, nothing is going to happen. GS sells a product to their clients that they themselves go short on knowing just how bad it is. And nothing is going to happen. They're Goldman Sachs. They're the untouchables.

Edited April 28, 2010 by Mr. Big Dog

[scandal 951]

The hearings were on CNBC all day. They were hysterical, mostly.

We have TV monitors on the trading floors tuned to CNBC all day long every day. Most of the time they just fade to the background and get ignored, unless there's some news moving the markets. But today the Goldman hearings were live throughout the day, and we were all watching. I thought Claire McCaskill was best. She literally ripped them new azzholes with every new line of attack she took. Of course, it's all just grandstanding so that they can look good in their hometown papers the next day, and of course it doesn't mean anything in the grand scheme of things. But it was awfully fun to watch. Much better than rubbernecking at a freeway pileup.

[Mr. Big Dog 10,747]

That didn't take long - the merchandise is out...