April 27th, 2010
12:21 PM ET
8 years ago

Levin swears repeatedly at Goldman hearing

(CNN) – Michigan Sen. Carl Levin, Democratic chairman of the Senate subcommittee on Permanent Investigations, did not censor himself Tuesday as he repeatedly quoted from an e-mail in which a Goldman Sach's executive referred to a mortgage deal as "shi**y."

Thomas Montag, Goldman's former head of sales and trading, described a series of mortgage-backed investments the investment bank was selling to clients as "one shi**y deal" in the email to colleagues.

Levin repeatedly quoted the curse word - close to a dozen times - when questioning Daniel Sparks, former head of Goldman's mortgage department, who allegedly urged his group to make the deals. Levin's line of questioning was carried live by CNBC.

The committee is examining Goldman's role in the financial crisis last year and allegations it sold mortgage-backed securities to clients that the firm later bet against.

Filed under: Carl Levin • Goldman Sachs • Popular Posts
soundoff (206 Responses)
  1. Ron in California

    Sham hearings...Congress Dems and Repub have their hands in Wall St.'s pockets. Where are the Heads of Freddie, Fannie and Barney Frank. I have no confidence in government. I do trust the free market. While I suffered like everyone else during the crash...I'm nearly back. Markets tend to rebound Look at the historical trending..Keep investing.

    April 27, 2010 01:22 pm at 1:22 pm |
  2. Wisconsinite

    Yeah, he was quoting the GS exec's email . . . . so??

    April 27, 2010 01:22 pm at 1:22 pm |
  3. STEVE R

    no f-bomb = no fowel i guess............

    however, this little twit will never do anything about it anyway....

    congress is a sh**y deal,

    what a bunch of clowns

    they made their millions, yell all you want, it does not fix the problem. but congress and the pres are too dumb to realize this

    April 27, 2010 01:22 pm at 1:22 pm |
  4. Felix

    Actually, it's quite sad, as usual to watch our "elected" representatives from either party. Unfortunately for all of us, THEY created the atmosphere for what occurred – don't we all remember the times when we would get mail, email, phone call etc. about "low interest mortgages" NO QUESTIONS ASKED! Now, what Senator Levin and the rest should really be asking is whether the appropriate Senators, Representatives, their assistants, regulators etc. HAVE A FIDUCIARY RESPONSIBILITY TO THE UNITED STATES AND TO THOSE THEY REPRESENT to have kept an eye on this. I can bet my last dollar, they received reports, intel, etc. on what was happening, so when will these "stewards of the people" be put to task? Oh, they blame it on Turbo Tax, I didn't know a free car was taxable, I forgot I had those houses in the Caribbean etc. Well, UNFORTUNATELY, this is politics and when re-election comes around I am sure Goldman Sachs will be asked to donate – BUT YOU CHOPPED OUR HEADS OFF – ah come on, that's water under the bridge, let's look forward what's a $1000 donation anyway. What a sad day for this, the greatest country in the world when we have lowlifes like this representing us, I guess we have no one to blame but ourselves!

    April 27, 2010 01:23 pm at 1:23 pm |
  5. Thomas, Illinois

    He's not the only one...

    April 27, 2010 01:24 pm at 1:24 pm |
  6. Van in Bloomington

    I'm sure Senator Levin's "parisioners" in Michigan love hearing him scold Goldman Sachs execs, but I wonder if he has ever read the fine print on any investment contract, which plainly warns of risk in any investment other than FDIC-insured accounts. How does he think we're able to make, in a good year, 5-10 times what CDs return. Does he curse the investment companies when he makes money? What a hypocrite.

    April 27, 2010 01:26 pm at 1:26 pm |
  7. Tara

    I can't help but wonder if the government would be calling Sachs Goldman unethical had they lost money on their short position. This is a very common financial tool to take advantage of during a downturn. For example, if I think a stock will loose value I would short it. That is done by borrowing someone else's stock selling it and buying it back a lower price. Perfectly legeal to do as long as both parties agree to it. All Goldman Sachs was doing was taking a chance and trying to make money. Isn't that what investment banks are supposed to do? If the housing market wouldn't have collasped, then Goldman Sachs would have lost money. If that had happened, tehre would be no investigation today. God forbid someone make money at the expense of others. Have we all forgotten that this country was built on capitalis NOT socialism?

    April 27, 2010 01:26 pm at 1:26 pm |
  8. Trythefacts

    Please remember the many faults of Congress that added and allowed this to happen. Please, please, do not believe a Congressman's lies.

    April 27, 2010 01:26 pm at 1:26 pm |
  9. Anonymous

    To the moron who said "typical socialist manner:" You have no idea what you're talking about. Free market, my ass.

    April 27, 2010 01:27 pm at 1:27 pm |
  10. larry

    Carl wasn't the only one quoting that email and Cnn should state whose eyebrows were raised from the quote. The headline is very misleading.

    April 27, 2010 01:27 pm at 1:27 pm |
  11. Wisconsinite

    @Jon In Madison April 27th, 2010 12:36 pm ET

    Typical socialist manner.

    You know, Jon in Madison (gee I hope it's not Madison, WI), you don't have to call EVERYTHING you don't agree with or more accurately, understand, "socialist". Really. It just makes you sound dumb.

    April 27, 2010 01:27 pm at 1:27 pm |
  12. Ed, Santa Fe, NM

    WHAT A CROCK... try focusing on the LIES by Goldman Sachs execs and not the stupid swearing. He's quoting the emails after all!

    Why do people always zero in on the least important stuff? No wonder Bush and his henchmen lasted 8 years.

    April 27, 2010 01:27 pm at 1:27 pm |
  13. cony007

    Where are the Tea Party baggers? Why aren't they spitting on these guys. Where is Palin asking the fringe to reload and get these guys? You why they aren't doing squat because they are bunch of white folks who ripped off our nation. If they were black folk, or brown folk they would be burning crosses.

    April 27, 2010 01:27 pm at 1:27 pm |
  14. Duck Fallas

    Could we leave the foul language and lack of decorum to the republicans?

    April 27, 2010 01:29 pm at 1:29 pm |
  15. Alex Winter

    The FCC should investigate this potty mouthed senator AT ONCE!

    April 27, 2010 01:29 pm at 1:29 pm |
  16. lou/michigan

    combover carl is a dipstick. he is the last one who should be casting stones. in '09, while representing michigan (the hardest hit state in this down economy), he helped approve 900 mil for pakistan, and 700 mil for gaza. i guess there's no need here. talk about hypocracy.

    April 27, 2010 01:31 pm at 1:31 pm |
  17. Lori in St Pete

    Big effin' deal! Senator Levin's salty language is nothing compared to the language these same execs use when referring to the peasants (aka Mr. & Mrs. Taxpayer) who bailed them out after their pyramid schemes fell apart.

    April 27, 2010 01:32 pm at 1:32 pm |
  18. Goofus

    If he was a Republican he'd be on the gallows now!

    April 27, 2010 01:32 pm at 1:32 pm |
  19. Papa_K

    You have to wonder if the Republicans were in charge if they would have swept this under the rug as business as usual?

    April 27, 2010 01:33 pm at 1:33 pm |
  20. Da Professor

    Oh goodness gracious, swearing and everything!

    Next up the Republicans who will defend to the death the Wall Street and Big Bank executives who are the source of their bread and butter.

    Anyone with intelligence in this country will then begin swearing at the right-wing extremist controlled Repubs. Meanwhile, Obama will sit back and grin at the Repub discomfort as America sees them for what they are..

    April 27, 2010 01:33 pm at 1:33 pm |
  21. Lori in St Pete

    Jon In Madison April 27th, 2010 12:36 pm ET, you seem troubled by the hearings. Guilty conscience perhaps? Something you want to get off your chest?

    April 27, 2010 01:33 pm at 1:33 pm |
  22. Pat

    I saw the questioning – so what was wrong. That's much better than former VP Cheney said to Sen. Leahy!

    April 27, 2010 01:36 pm at 1:36 pm |
  23. dave in ca

    yeh even our great muslim i mean christian leader got monies from g/sachs and so did reid..and dodd-why doesn't someone look it up..

    you will probably see 25% of our politicians are in bed with g/sachs..

    and they should resign...

    April 27, 2010 01:36 pm at 1:36 pm |
  24. Ryan McKinney

    Gold Man Sacks...... Maybe these guys are implying that they are indeed made of gold........

    April 27, 2010 01:37 pm at 1:37 pm |
  25. Constitution believer

    I love how the [victims OR stormtroops] of the [radical right OR radical left] such as "Joe from Madison" routinely quote a Big Lie such as ("why don't they attack) Fannie Mae ... They are the ones who got us into this mess.

    "Joe" attacks the "typical socialist manner." Joe: remember, it is Totalitarianism that is a problem, not socialism. Totalitarianism is anti-democratic. Socialism is not. Totalitarianism can adopt a leftist "socialist" dogma, or it can adopt a right-wing "capitalist" or "oligarchic" dogma. Either way it is equally evil and undemocratic. The problem with Totalitarianism is its limits on civil rights. Totalitarianism also relies on the use of the Big Lie to achieve power among the few. Thus the dogma you are spouting is more than a little ironic.

    April 27, 2010 01:38 pm at 1:38 pm |
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