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. D. Tree

    That email is definitely a smoking gun in this case, it shows that Goldman Sachs *knew* they were pushing a bad product, and they never told their clients. They were trying to dishonestly unload bad debts to their clients, thinking they would never get caught.

    April 27, 2010 02:08 pm at 2:08 pm |
  2. Chuck Anaheim, Ca

    How typical for CNN these days, come on stop trying to become faux news with the headline twisting. So the man quoted the filthy executive of GS and he's "swearing repeatedly". Sounds like the exec at GS had the swearing problem. Besides, just a week or two ago you showed the war criminal, cheney, patting himself on the back and crowing about his obscenities on the seante floor making out to be a hero or something.

    April 27, 2010 02:09 pm at 2:09 pm |
  3. Benjamin D'Over

    This fellow Levin is a disgrace to civilized society. Needs to be put out to pasture, along with his comb-over.

    April 27, 2010 02:09 pm at 2:09 pm |
  4. cony007

    Decadence, Decadence, Decadence is the downfall of our society. These rats like Enron, worldcom, Madoff, Stanford, cooked the books to rip off the American people. Between these rats, the bankers, the mortgage snakes, the Bush Crime Family, and our corrupted politicians have raped our nation. It is time to gullotine these traitors.

    April 27, 2010 02:09 pm at 2:09 pm |
  5. JLE

    Omigod. Did the Senator say a bad word and offend the virgin ears of the Goldman Sachs boys? I don't know how those poor little boys - and CNN - will ever regain their innocence!

    April 27, 2010 02:10 pm at 2:10 pm |
  6. Jeff in Houston

    Simple idea: hang the bastards and leave them on Wall Street for a few months as an object lesson. No? Tell that to the people that have suffered and lost everything at the hands of these criminals.

    April 27, 2010 02:10 pm at 2:10 pm |
  7. Col.

    I love that the Goldman execs are making these congressmen look like idiots. It's almost like both sides are trying to pretend this is serious.

    April 27, 2010 02:10 pm at 2:10 pm |
  8. GP

    Jon in Madison – Are you suggesting the Wall Street bailout was the result of matters beyond the banks control?

    Typical republican tactic; play the victim card. Those poor bankers on Wall Street were just trying to make their clients money and now the liberal/socialist/communist dems are hunting them down.

    Whatever happened to personal accountability? Wall Street failed to regulate itself and the taxpayers have to bail them out and the investors that counted on Wall Street to look after their best interests have been ruined.

    April 27, 2010 02:12 pm at 2:12 pm |
  9. Jacob Mohr

    I dont understand why Americans, dont want to have universal health care.

    Is it fair for a family too be cast out of there home because, the father or mother becomes ill?

    want about the children and there future ?

    Americans make more than most European do, and yet you pay less tax.

    Here in Denmark, we pay between 38 and 65 % in tax, depend on how mush you earn.

    And with that we fully free health care and school, collage, and university. You even get payed for taking and education, around 800 $ a month.

    And no matter what you may suffer from, all treatments and operations are free and if you become handicapped after say a stroke or and brain damage, the government pays for wheelchair and special tools and kits. And if you live in and if you live above 1st floor, you will be relocated to a ground apartment or house. And if you own your house, the government will pay to have your house remade for handicap use.

    No matter what your medication cost´s you can never pay more than 100$ a month.

    America, being such a huge country and wiht almost 300 million citizens, you will easy afford too pay for this, if you just increase your tax with 10%, and anybody making more than 300.000$ a year pay 45% in tax.

    We all have to share our money with those who haven't got any and those with limited means.

    Nobody in there right minds can think is fair fore a insurance company, too decide who lives and dies over and preexisting condition, or weather you have had pimples on your butt or not.

    only doctors can make a decision on who can be treated and how they can be treated.

    You Americans have give up your fear for socialism and move closer towards it, no saying you should life like communist, but in between capitalism and socialism.

    You will see it makes life easier for all of us.

    April 27, 2010 02:12 pm at 2:12 pm |
  10. Anonymous

    This article indicates that Senator Levin read quotes that had swearing in the quotes. Nowhere is the mention that Senator Levin "cursed" (as the headline said) or did any swearing.

    Did Senator Levin actually swear personally and it was left out of the article, or were the headlines and suggestive comments deliberately misleading?

    April 27, 2010 02:13 pm at 2:13 pm |
  11. jeff jackson, alabama

    So he was quoting the head of sales. That
    doesn't give him an excuse to use language
    of that sort in that setting. I could quote alot
    of crap from alot of people. That's not a reason
    to use trashy language.
    The democrats and republicans should set a
    better example for America's young.
    And anyone out there who thinks that
    language is justified needs a wallop from your
    mamas or your daddys .

    April 27, 2010 02:13 pm at 2:13 pm |
  12. steven harnack

    So jon, I guess you are calling Republicans socialists? Because the tactics you describe are exactly what Republicans have been doing to the present administration and have been doing Before Pres. Obama even took office. And as for the donations, I guess you're one of those who believe that if you accept money from someone you are obligated to do what ever they tell you to do. Which once again describes the Republican party platform.

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

    Jon in Madison: very funny satire you wrote. Keep it up.

    April 27, 2010 02:15 pm at 2:15 pm |
  14. Ready for 2012

    i am so sick of these grandstanding politicans.

    April 27, 2010 02:16 pm at 2:16 pm |
  15. GJ

    Report real news, please. As my mother always said, if you're quoting, you're not cursing. And who cares if he curses? No one at CNN ever uses the brown word?

    April 27, 2010 02:18 pm at 2:18 pm |
  16. Lindsey

    Levin is a fool and he doesn't know what he is talking about. If he wants to change the laws then vote to change them. By the way, how did Mr. Levin vote on TARP? Oh, he gave the banks a bailout didn't he! What a fool! And he wants to set up a bailout fund so we taxpayers can do it again? What an idiot! Goldman will be found innocent of all charges just like Bank of America. If Congress wants banks to be banks again they simply need to repeal Glass-Steagal. Then we won't have these problems. How did Mr. Levin vote on Glass-Steagal anyway? And how did he vote on encouraging Freddie Mac and Fannie Mae to make foolish loans? He voted like a fool! And now he whines and curses? What an idiot!

    April 27, 2010 02:19 pm at 2:19 pm |
  17. Donald Kiraly

    Sooooo..... what? That's what the email said, right? I do NOT see why this is newsworthy in the slightest. Is the "s" word not in everybody's everyday vocabulary?

    April 27, 2010 02:19 pm at 2:19 pm |
  18. Jon

    The headline of this article speaks to the declining quality of CNN journalism. Sensationalizing a story by claiming that a senator "swore" repeatedly when actually he was reading a quote is misleading. CNN unfortunately has become more of a tabloid than an actual news source.

    April 27, 2010 02:19 pm at 2:19 pm |
  19. Tim in MD

    So we are demonizing Goldman Sachs for selling off these bad deals. So we should have expected them to keep the bad mortgages that would have caused them to possibly close their doors.

    I have a question... Why don't we investigate Barney Frank and crew for making banks make these bad mortgage deals.

    April 27, 2010 02:19 pm at 2:19 pm |
  20. Gumboz1953

    Written like an Onion article.

    I'm no fan of Levin, but..... honestly. "Swears"? When he's quoting from somebody else's e-mail?

    April 27, 2010 02:20 pm at 2:20 pm |
  21. TCM

    The liberals will create any sideshow possible to distract from the obvious truth; that Obama and the liberal congress is responsible for the financial market meltdown. Blame GS all you want; but it was the liberal congress, starting in 2006, that demanded high risk loans for minorities who couldn't possibly pay....and in turn, the mortgage companies dumped these high risk investment instruments...then, because SOOOO many minorities and lower paid people got into houses they couldn't afford...this frenzy drove up prices once the congress gave everyone a "license to buy..." they now had a RIGHT to own a home, versus years ago when you had to earn it. Well, anyone that's raised a teenager knows that when they don't earn it, they don't respect it...and thus the lackadaisical behavior on the part of the liberal congress...and the meltdown ensued...

    April 27, 2010 02:20 pm at 2:20 pm |
  22. L A Lawrence

    Yes, this is how media works. Too, also evident as to why CNN is going down the tube. They use to be above this.

    April 27, 2010 02:20 pm at 2:20 pm |
  23. JonDie

    Blaunfein should be in a cell next Bernie Madoff's.

    In fact, Bernie Madoff, in spite of his crimes, is a far more honorable person than Blaunfein.

    April 27, 2010 02:21 pm at 2:21 pm |
  24. Al

    Obama most corrupt and incompetent president ever. Tell ya, what put just 1 Goldman Sachs person in jail and I will really consider voting for hime, put 3 in jail and I will definitely vote for him, but we all know that he's in bed with them.

    April 27, 2010 02:22 pm at 2:22 pm |
  25. Dan

    Good going CNN. Draw some attention away from the dealings of a company that financially ruined millions by pointing out the potty mouth of one of their accusers just reading from one of their emails.

    Pathetic. This is what passes for journalism on a 24/7 cable news cycle.

    April 27, 2010 02:25 pm at 2:25 pm |
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