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« Tim Geithner Says The United States Is Insolvent | Main | "Where Are The Wall Street Prosecutions!" - Gretchen Morgenson Agrees With Spitzer & Angry C-SPAN Callers »
Sunday
Apr172011

Goldman Sachs CEO Lloyd Blankfein Could Face Criminal Prosecution For Role In Financial Crisis: Sen. Carl Levin

"They clearly misled their clients and they misled the Congress," Levin added, announcing that he will recommend that his panel refer all of the Goldman executives who testified before the committee for criminal prosecution by the Justice Department and for sanctions by the SEC for violations of securities laws.

This is a fairly detailed and lengthy piece by Shahien Nasiripour.  It is worth reading in full at its source.  The only thing missing from Levin's report is a perjury recommendation for Henry Paulson who lied before Congress repeatedly during various testimony given in 2007 and 2008 - see the right column of this website to watch his lies for yourself.

Huff Po

WASHINGTON -- Goldman Sachs executives deceived clients in order to profit off the brewing financial crisis and then misled Congress when asked to explain their actions, concluded a top lawmaker who led a two-year investigation into Wall Street's role in the meltdown.

Carl Levin, chair of the Senate Permanent Subcommittee on Investigations, will recommend that Goldman executives who testified before his panel, including chairman and chief executive Lloyd Blankfein, be referred to the Justice Department for possible criminal prosecution, the Michigan Democrat announced Wednesday. Members of the subcommittee will now deliberate Levin's proposal.

A Goldman spokesman said its executives were truthful in their testimony, adding that the firm disagreed with many of the panel's conclusions.

Two and a half years after a historic crisis that has yielded not a single criminal conviction of anyone who played a leading role in causing it, the prosecution of such a high-profile Wall Street executive may satisfy the public's desire to see culprits brought to justice. Last year, the Securities and Exchange Commission settled a lawsuit it had brought against Goldman.

But the firm was just one target of a sweeping, 639-page report by the Senate panel into the causes of the crisis. Hardly a fluke occurrence, the meltdown was the product of a deeply corrupt financial system, one fueled by profit-hungry banks that deceived their clients, and overseen by lax regulators who were complicit in the firms' chronic abuse of the most fundamental rules of the game, the report concludes.

The investigation found a "financial snake pit rife with greed, conflicts of interest, and wrongdoing," Levin said.

More than any other government report produced in the wake of the crisis, this account names names, blaming specific people and institutions: Goldman Sachs, Washington Mutual, Moody's Investors Service, Standard & Poor's, the Office of Thrift Supervision and others. It targets four types of institutions, all of which it says played key roles in causing the crisis: mortgage lenders that offered prospective homeowners booby-trapped loans; regulators that were paid by the institutions they were regulating and cooperated in widespread deception; rating agencies that gave seals of approval to products they knew to be especially risky, all in the pursuit of market share; and Wall Street banks that duped investors into buying securities that only the insiders knew were destined to go bad.

"They clearly misled their clients and they misled the Congress," he added, announcing that he will recommend that his panel refer all of the Goldman executives who testified before the committee for possible criminal prosecution by the Justice Department and for sanctions by the SEC for violations of securities laws.

Continue reading...

---

Bloomberg on the Levin report...

 

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Reader Comments (14)

Authorities in New York City have unsealed an indictment charging 11 people with bank fraud and illegal gambling in a prosecution of the three largest Internet poker companies. Federal prosecutors in Manhattan said Friday they've issued restraining orders against more than 75 back accounts used by the poker companies, interrupting the illegal flow of billions of dollars. A prosecutor says PokerStars, Full Tilt Poker and Absolute Poker created an elaborate scheme that included fooling banks and bribing officials at a few to keep money flowing. The indictment seeks $3 billion in money laundering penalties and forfeiture from the defendants.

http://abcnews.go.com/Technology/wireStory?id=13386036&utm_source=twitterfeed&utm_medium=twitter
Apr 15, 2011 at 8:34 PM | Registered CommenterDailyBail
Most Bottled Water Brands Don’t Disclose Information About Source, Purity and Contaminants

Congress Holds Investigative Hearing into Bottled Water Industry

http://www.commondreams.org/newswire/2009/08/07-4
Apr 15, 2011 at 8:36 PM | Registered CommenterDailyBail
Student Loans and For Profit Colleges
The Diploma Mill Profiteers
By MIKE WHITNEY

http://www.counterpunch.org/whitney04152011.html

[snip]

So, how was all this working? Graduation rates for private colleges are about 65 percent, for state schools about 55 percent, and for the for-profit colleges? Twenty-two percent.

Houston, we have a problem." ("Congress Should Put a Stop to For-Profit College Rip Offs", Peter Fenn, US News)

Huh? So, for-profit colleges are netting $24 billion from the government and only graduating 22% of their students? It's mindbogglingly. Fenn continues:

"The top executives for the top 15 for-profit colleges pulled in $2 billion last year. Two billion dollars, practically all taxpayer money.

And that student loan money?—the default rate at these for-profits is 43 percent!

So, only 22 percent graduate and 43 percent default on the loans, leaving us holding the bag because students have been sold a bill of goods by slick marketers." ("Congress Should Put a Stop to For-Profit College Rip Offs", Peter Fenn, US News)
Apr 15, 2011 at 9:08 PM | Unregistered Commenterjohn
World's oldest man dies in Montana at 114

DB...I am worried about Gomp. Was he the 114 year old man from Montana?
Apr 16, 2011 at 12:34 AM | Unregistered CommenterOne of Our Own
http://www.youtube.com/watch?v=fMjsGztl6v0

DB...what do you think...it's growing legs...now Trump is throwing in that Obama's name may be Barry Soetoro
Apr 16, 2011 at 12:42 AM | Unregistered CommenterTrump on Hannity
He does say that he was born Barry Soetoro, that is only half true as we know. The Soetoro came later when Obama's mother was in Indonesia working for Peter Geithner. Can you imagine all the emails that Trump is getting from his pals filling in the gaps on what they know about Obama. Good stuff.
Apr 16, 2011 at 12:52 AM | Unregistered CommenterTrump on Hannity
Yes Gobie, it is I in Montana.

But don't worry, I have vowed to haunt you for the rest of your life you old serial stalker you...

You do believe in ghosts don't you?
Apr 16, 2011 at 1:18 AM | Unregistered CommenterS. Gompers
Trump is haunting Barry Soetoro, does that count?
Apr 16, 2011 at 1:36 AM | Unregistered CommenterTrump on Hannity
Is Trump a ghost like me?
Apr 16, 2011 at 1:40 AM | Unregistered CommenterS. Gompers
Blankfein will pop up in Tel Aviv long before he even becomes due to be sentenced. He works for that Mob, and they will protect him as they always do, after all we are just the Goyim.
Apr 16, 2011 at 7:50 AM | Unregistered CommenterPaul
Well!!! I say finally! And as for the publics view of the whole mess.....we ain't going to be satisfied with a "token" person. We are ready to see all persons that had any illegal activity in this whole mess be brought to justice. We feel the very same about this crap about "banks or any other business being too big to fail." Us peons are sick and tired of the way it is always "hands off" on the rich and famous in this world. Either JUSTICE is JUSTICE, and it applies to all....or we might as well throw it all out the window and give us all a gun.....all of us go back to the old west days, wear our six shooter, and the best man wins. These "yuppie" pricks would have to face one and all on a "level playing field."

I, for one am tired of the rich and famous "getting" such good deals when it comes to criminal activity!
Apr 16, 2011 at 5:23 PM | Unregistered CommenterJack F. Sneed
Gomp--

What are the odds of Lloyd doing time?
Apr 16, 2011 at 10:45 PM | Unregistered CommenterCheyenne
slim and none...
Apr 16, 2011 at 11:02 PM | Registered CommenterDailyBail
Cheyenne,

I sense an awful lot of campaign contributions coming to the political arena of both parties for the 2012 political season from Goldman Sucks.

Slim to none.

Thus, if there exists a law which sanctions slavery or monopoly, oppression or robbery, in any form whatever, it must not even be mentioned. For how can it be mentioned without damaging the respect which it inspires? Still further, morality and political economy must be taught from the point of view of this law; from the supposition that it must be a just law merely because it is a law. Another effect of this tragic perversion of the law is that it gives an exaggerated importance to political passions and conflicts, and to politics in general.

Frederic Bastiat

It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder.

Frederic Bastiat
Apr 17, 2011 at 4:23 AM | Unregistered CommenterS. Gompers

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