Looking for some drama to spice up your afternoon? Look no further than the Goldman Sachs Show. Specifically, today's Senate subcommittee hearing investigating Goldman's role in the financial crisis, in the wake of the SEC charging Goldman with fraud on April 16. New York Times is live-blogging the hearing. Here are some of the juiciest items from the Times blog:
Senate dissection of Goldman Sachs Executive Director Fabrice "Fabulous Fab" Tourre's mushy e-mails to his girlfriend (or girlfriends...New York magazine has some great excerpts here). In one, Tourre said he was "standing in the middle of all these complex, highly levered exotic trades he created without necessarily understanding all the implications of these [monstrosities]!" (At the hearing, Tourre said he "regretted" those e-mails.)
Sen. John McCain weighs in: “I don’t know if Goldman has done anything illegal. There’s no doubt their behavior was unethical and the American people will render a judgment as well as the courts,” he said.
Sen. Carl Levin details Goldman's selling of collateralized debt obligations in 2007 which are at the center of the SEC complaint. "Synthetics became the chips in a giant casino, one that created no economic growth even when it thrived, and then helped throttle the economy when the casino collapsed,” he said.
And finally, check out this clip of Sen. Levin grilling one Goldman exec on what internal Goldman e-mails called a "sh***y deal." Levin uses the expletive at least 15 times in 4 minutes.
Who needs reality tv when you have Senate attacks on investment banks?
Shares of Goldman Sachs continue to tank post SEC charges, as shown here: