April 27th, 2010
12:21 PM ET
5 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. MARKPAIN

    Does anyone know Jon in Madison from 12:36pm? i think he has a problem understanding or simply did not read the story or is just a typical conservative that bashes any Democrat whenever he has a chance. Sad

    April 27, 2010 01:56 pm at 1:56 pm |
  2. DennisK

    Americans are so provincial. He wasn't swearing–he was quoting (accurately, apparently) from a memo. Whose sensibilities are going to be offended? Whose morality will be compromised? Ridiculous.

    April 27, 2010 01:56 pm at 1:56 pm |
  3. tess

    BULLETIN!!! democrat cusses – so what else is new – they are all so low-rent why does this surprise anybody?

    April 27, 2010 01:57 pm at 1:57 pm |
  4. If We Can Defeat Him On Health Care It Will Be His Waterloo

    GOP = Goldman's Old Pals

    April 27, 2010 01:58 pm at 1:58 pm |
  5. psk2

    The headline is misleading. He continually quoted someone who was swearing.

    April 27, 2010 01:58 pm at 1:58 pm |
  6. Manny

    cnn says it "raises eyebrows?" who's eyebrowns?...are you once again just creating controversy?

    April 27, 2010 01:59 pm at 1:59 pm |
  7. Michael in Houston

    Thats it? Thats the best you got? These GS execs are in front of the Senate and the news is a Senator quoted the email??

    Nice try to distract us all. It wont work

    April 27, 2010 01:59 pm at 1:59 pm |
  8. notfooledbydistractions

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

    Typical socialist manner. Find someone you can demonize, rally your supporters and even a few non-supporters with flamboyant rhetoric, and attack the free market. If they want true reform, why don't they attack Fannie May? THey are the ones who got us in to this mess.

    -

    Jon, quit while you're ahead. You obviously don't even understand what happened to cause the collapse. You're just reciting talking points and embarrassing yourself.

    April 27, 2010 01:59 pm at 1:59 pm |
  9. erik

    All i have to say is if the Republicans raise any kind of stink over this after the big dick, Cheney boasting how proud he was of cussing at leahy they will prove as always what hypocrite they are

    April 27, 2010 01:59 pm at 1:59 pm |
  10. Pab

    Who cares? Why is this news? I agree with RH, all congress does is show off by grilling these guys on TV but will never have the balls to do anything meaningful to prevent this from ever happening again!

    April 27, 2010 01:59 pm at 1:59 pm |
  11. rob

    I don't care if he was quoting an email, Sen Levin should use some discression in a public hearing. The Dems are good at these SHOW TRIALS, they are mainly used as a smoke screen for political cover.

    Sen Levin conveniently leaves out the role of Fanny and Freddy and the Gov't looking the other way while the housing buble got worse and worse. The people who ran Freddy and Fanny played accounting tricks not only to boost their own bonus's but to hide the true extent of their exposure to these bad Mortgages.

    WHEN WILL WE HAVE HEARINGS ON THE COLLAPSE OF FANNY AND FREDDY?????????

    THE ANSWER IS JANUARY 2011 IF THE AMERICAN PEOPLE HAVE THE SENSE TO THROW THE DEMS OUT OF POWER.

    In the mean time, I applaud the Republicans for trying to slow down this crazy Congress untill judgement day Nov. 2, 2010

    April 27, 2010 02:00 pm at 2:00 pm |
  12. Terry From West Texas

    Jon In Madison wrote: "Typical socialist manner. Find someone you can demonize, rally your supporters and even a few non-supporters with flamboyant rhetoric, and attack the free market."

    This is typical Conservospeak. First he calls supporters of regulation "socialists' which is nonsense. He's trying to demonize the opposition.

    Second, he pretends that there actually is a 'free' market when in reality supply and demand are controlled and manipulated openly by global corporations and who conspire together to inflate prices, limit supply, and manipulate demand. Global corporations bribe regulators, bribe elected officials, and run well-funded puppet candidates for elective office. Global corporations would much rather make more money by cheating than make less money by competing. They file thousands of frivolous lawsuits to frighten customers and keep competitors out of the market.

    Finally, Jon's completely false point about Fanny Mae and Freddie Mac being the true culprits is Conservocode for racism. Here's the argument. The federal government forced lenders to loan money to poor black people, even though the borrowers were unqualified and untrustworthy. This coded message tells other Conservatives who are in the know that it is Black people, not CEOs, who destroyed the economy.

    What a pack of lies, Jon. I hope your mother doesn't read this blog.

    April 27, 2010 02:01 pm at 2:01 pm |
  13. sue

    poor example for our children...he is a lowlife..bottomfeeder

    April 27, 2010 02:01 pm at 2:01 pm |
  14. Bart

    SOP: Republicans (and I include CNN in that pejorative term) kiss Wall Street's ass and fawn all over their lobbyists and toadies, and dig their well-rounded heels in when anyone suggests that The Street and the Banks might want to be a bit more circumspect with OTHER PEOPLE'S money. Any suggestion of meaningful oversight of these weaselly cruds gets the Teabaggers screeching "Socialist!" - of course, it takes nothing at all to get the Teabaggers to screech "Socialist":

    "Typical socialist manner [sic]. Find someone you can demonize..." Exactly. Find someone you can demonize with the loose-cannon term "Socialist." I see that "Jon" boasts of being "in Madison" - if you're talking about Madison, CT, it's hardly surprising that you're a Fascist Conservative© (MY copyrighted demonizing term).

    BTW, I use the term "Teabagger" in the pornographic sense, because it completely describes the Republican Right's relationship to Street and Corporate Lobbyists - say. what's that on your chin?

    April 27, 2010 02:01 pm at 2:01 pm |
  15. Linda - Oklahoma

    And this is news how??? So the Senator QUOTED what he was reading! Come on, CNN, there's certainly some REAL news in the United States of America worth reporting, isn't there?????

    April 27, 2010 02:02 pm at 2:02 pm |
  16. Mark Ferbet, KCMO

    If he is quoting something, then it stands to reason. If he uses the language such as Cheney did, directed at another Senator or someone else, then there is no excuse, and it's out of line and uncalled for.

    Behind closed doors is one thing, but in the public eye, our elected officials need to maintain a level of decorum, and a level of respect towards each other. That is how civilized people work together.

    April 27, 2010 02:03 pm at 2:03 pm |
  17. keith in ky

    Maybe they should be questioning Franklin Rains, the head of fannie mae, who bundled sub prime mortages and sold them, these are the people that perpetuated this house of cards along with several democratic congressmen and senators, not saying wall street did everything in the publics best intrest, but we shouldn't pick and chose who gets blamed, if the media would do thier job maybe the people would be more certain the guilty will be brought to justice, not just wall street!!

    April 27, 2010 02:03 pm at 2:03 pm |
  18. Helen G

    Sounds like he used a "nasty" word, but did not in fact curse. CNN should look up the definition of the word.

    April 27, 2010 02:03 pm at 2:03 pm |
  19. Realistic

    Someone in here said "Typical socialist manner attacking free market"..Well if you were the one that got crapped on and lied to and lost a fortune, you would also be asking for heads to roll. There is free market and than there is free market on steroids and ripping people off. But the reality is, this is a show and nothing will happen. However, when someone goes after free market on steroids, is not attacking the free market, its just trying to stop deception, corruption ect. Free market does not mean a free for all, anything goes and to bad for those who got hurt. Know the difference in the two and than we can expect something to be done the right way one day.

    April 27, 2010 02:05 pm at 2:05 pm |
  20. Steve A. , New Braunfels , Texas

    no words are bitter enough to descibe the wall street scumbags, but it shouldn't bother them,they've heard it all there lives,they are used to it.

    April 27, 2010 02:06 pm at 2:06 pm |
  21. Kate in San Diego

    Sorry Goldman Sachs – but if the shoe fits . . .

    April 27, 2010 02:06 pm at 2:06 pm |
  22. cassamandra

    really, CNN? That's the "political" aspect of the hearings? Levin not "swearing" but QUOTING a swear word? Pathetic coverage.

    April 27, 2010 02:06 pm at 2:06 pm |
  23. Eric in Denver

    The dems are such hypocrites. They demonize Goldman and cuss at them, yet they are first in line to take their donations. Barack how about returning your million, and Hillary how about your 450k!!! They are just trying to distract our country from the horrible economy that Barack apparently doesn't care about.

    April 27, 2010 02:06 pm at 2:06 pm |
  24. kate

    Don't go much for swearing, but, Goldman Sacs treated the public much the same way!!!!!

    April 27, 2010 02:07 pm at 2:07 pm |
  25. Patti

    What a joke! So the dems swear alot, and we are suppose to beleive this garbage? This is just another power grab for a party who is going to be destroyed in the midterm elections. This is real democrat strategy, demonize people.

    April 27, 2010 02:08 pm at 2:08 pm |
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