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. Joe from Philly

    They should be cursed at. Let me at them I'll use words they never even heard before.

    April 27, 2010 02:25 pm at 2:25 pm |
  2. Bob in PA

    And I don't suppose you had anything to do with making all of this possible Senator Levin ? You morons in the Congress made the sub-primes a reality and shoved them down the financial industries throats. Now you act high and mighty when it all blows up ? Don't let the door hit you on the way out !!!

    April 27, 2010 02:26 pm at 2:26 pm |
  3. Gayle

    That was so funny.

    April 27, 2010 02:26 pm at 2:26 pm |
  4. Brad

    Our illustrious VP has quite a potty mouth..................................................

    April 27, 2010 02:27 pm at 2:27 pm |
  5. Bill from MN

    The journalist who wrote this article should be embarrassed and ashamed for how horribly deceiving this headline is.

    Quoting from an email is a farcry from what is implied.

    April 27, 2010 02:27 pm at 2:27 pm |
  6. Patrick

    Until we remove corporate influence from our Democracy (something the supreme court is AOK with despite the fears of the founding fathers), congress never will do anything about this sort of thing.

    April 27, 2010 02:27 pm at 2:27 pm |
  7. Jeff in TN

    Big who cares!!! Really CNN, who cares. Just for this, I am heading over to MSNBC to read articles that matter and that do not focus on pointless crap that take away from the real issue at hand.

    April 27, 2010 02:28 pm at 2:28 pm |
  8. LINDA

    These crooks sitting there with their 5,000 dollar suits and 2,000dollar ties-together 7,000 dollars worth of clothing we paid for with our tax dollars-yeah these bumbs need to put every dime back into the economy they stole from us,and now lying about it because they have been caught-just like their republican friends who donot want them to even be there,well that tells a lot about them when they are giving them money themselves-we need this reform to show how dirty and low down these peoples are-they don't care they got the money living large, and making due of our tax dollars,well this needs to stop and stop now-make them pay for their lies,deceit and yeah I am mad as hell to see just what they did and got the best of everything while the american people suffer-we need their jobs they need to be fired,and I am pretty sure their friends are in the house with them at the bank-this is very important that they get exactly what they deserve a good ass whooping and do jail time., & replace what they stole from all of us.

    April 27, 2010 02:28 pm at 2:28 pm |
  9. Patsy, Texas

    Get a grip Mooney-

    April 27, 2010 02:29 pm at 2:29 pm |
  10. Jon In Madison

    and it is working. I see people talking about tar and feathers. I hope you are going to use that for all of the people who took donations from Golman Sachs too......PS – it's the same people who are holding this little meeting today.

    April 27, 2010 02:29 pm at 2:29 pm |
  11. Rob in Chicago

    "Typical Socialist manner" ? Like the treatment accorded to ACORN ? Like the treatment meted out to anyone who disagreed with or disbelieved the lies that took our military into Iraq ? Like the treatment befalling anyone who showed up at a Bush event wearing the wrong tee shirt or having the wrong bumpersticker on their car ? Even Bill Clinton is acknowledging that he was very wrong and misinformed in the way he pushed some free trade agreements and deregulation. It's a shame that he didn't have this epifany when he was still in the Presidency, but better late than never, and maybe Obama can learn from Bill's mistakes. If you want to see the results of a total absence of regulation, just look at Somalia. Until national elections are financed solely through public means, running for Senate or Congress takes cash, and corporate interests have always been willing donors. While that may foster the appearance of imrporiety and that the political office is for sale, not all politicians are completely corrupted by donor contributions. I doubt that any politician can honestly say that they are completely unaffected by corporate donations, and most would at least listen to large donors, not all will vote the donors' interests on all matters. Each politician and each issue must be looked at on the particular facts and circumstances, and getting private funds out of the equation is the only way that I can see to remove or temper the tendency or inclination to accommodate private donors.

    April 27, 2010 02:30 pm at 2:30 pm |
  12. Robert Flynn, Nashville

    Seriously...our media devotes an entire article on a senator using a curse word? WHO CARES!!! Report on the real issues..lets talk about people losing their jobs and their homes!

    April 27, 2010 02:32 pm at 2:32 pm |
  13. Anonymous

    the always classy democrats

    April 27, 2010 02:32 pm at 2:32 pm |
  14. jared

    its just another dog and pony show. afterward these folks meet up at their perspective country clubs and moose , elk etc... lodges laughing it up. just like in california the fleecing that folks got when them folks [crooks] ran up the price of peoples electric bills and laughed about it . face it no one will go to jail or pay for this.

    April 27, 2010 02:32 pm at 2:32 pm |
  15. NYbywayofTexas

    FREE MARKET does not mean exploitation of those involved in the market. REFORM is needed now. It's obvious they are not going to govern themselves fairly. CNN take a poll asking America if they think banking is an honest profession. Also ask Main Street how does it feel about reform. The Financial sector of our country has lost it's way and has been blided by greed, corruption and selfishness. It is time to reel it in and institute boundaries.

    April 27, 2010 02:32 pm at 2:32 pm |
  16. EricKNSeattle

    So first off, he was directly quoting an email. And personally as much stonewalling as those boyz were doing, I would be swearing a heck of a lot more. And for them to not know common terms used in their industry is unbelievable. These men are supposed to be the smartest and best in their field and to play dumb like they are is just pathetic.

    April 27, 2010 02:35 pm at 2:35 pm |
  17. SJC

    To Jon In Madison:

    You said:

    "Typical socialist manner"

    As opposed to the "Typical fasicst manner" exemplified by your heroes Dick Cheney and Ann Coulter.

    Also your claim that Fannie Mae caused this financial debacle is just a mindless conservative talking point. They say this nonsense because of their knee-jerk obsession that their Godlike free market can not be repsonsible for this. The real cause is when greedy people abuse a financial system that does not regulate them properly. But you don't want to hear such blasphemy about your revered free market.

    April 27, 2010 02:36 pm at 2:36 pm |
  18. Sniffit

    "The Bill as now has no regulations in it and is purely a reactionary bill,one that has a fund for bailout in it,not a prevention regulation"

    Thank you Captain Talkingpoint. The above lie has been throoughly debunked and it is proven to originate from a talking point memo released by some GOP/conservative wanker, which is why Beaker meeped it all over the Senate floor. The reality is, the bailout fund is entirely capitalized by the industry itself, who then pretty much have to pay any of it back that they use if they need it. In other words, it's not coming out of our pockets as taxpayers and creates an incentive for businesses to not need a bailout through the new program. And, before you yammer about them passing the cost on to us, ask yourself how many times we're likely to tolerate them doing so? Part of your pet "free market" theory is that if we get fed up, the corporations lose. Moreover, the statutory scheme authorizes the government to step in BEFORE anything goes so far as to require the bailout funds and "too big to fai" situations, and it will be followed by administrative regulations that provide more detailed requirements, etc. (which is how all statutes work, and despite knowing that, the GOP is still hiding behind an argument that the bill lacks the details necessary). In any event, just because you choose to believe that the lies you've been told are the truth and refuse to accept that they've been explained away, doesn't excuse you for repeating them.

    April 27, 2010 02:37 pm at 2:37 pm |
  19. pete D

    oh those jewish financial terrorists...they did it to europe and now the U.S.

    April 27, 2010 02:37 pm at 2:37 pm |
  20. wow

    I just love these comments.
    "Typical socialist manner." XD
    Keep the crazy talk coming!

    April 27, 2010 02:37 pm at 2:37 pm |
  21. RCasson

    So what? He was reading the e-mail.

    April 27, 2010 02:37 pm at 2:37 pm |
  22. Dante

    These are the same Dems who in the 90's de-regulated the financial industry, which in turn led to the financial crisis. Now they're just grandstanding when they have nothing else to stand on. The fact is that GS didn't break the law, the fraud charges brought by the SEC are flimsy to say the least. Everyone knows the SEC will loose in court, they're just trying to garner favorable public opinion so the government will look like they're doing something... after the same Democrats were the ones who loosened the regs in the first place.

    Where's the hemming and hawing over Freddie Mac and Fannie Mae?

    April 27, 2010 02:38 pm at 2:38 pm |
  23. Steve in North Carolina

    He should have used that language for the so called Health Care Reform Bill that Congress passed.

    April 27, 2010 02:39 pm at 2:39 pm |
  24. S.B. Stein E.B. NJ

    I can only imagine his frustration at not getting the answers he wants.

    April 27, 2010 02:39 pm at 2:39 pm |
  25. Independent_me

    CNN – you should be ashamed of yourself for incorrect reporting!

    The man is NOT cursing – he is repeating what was written by one Sachs insider to another!

    Using the verbiage of the writer is NOT cursing. You have presented a totally erroneous picture of what is going on here.
    Please correct yourself!

    April 27, 2010 02:40 pm at 2:40 pm |
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