Awkward

Senate Panel Blasts Goldman

Hope Goldman Sachs executives aren't taking the words of the U.S. Senators too personally. Democratic Senator Carl Levin of Michigan and Republican Senator John McCain of Arizona tore into CEO Lloyd Blankfein and other executives who had come to testify about the financial crisis. "There's no doubt their behavior was unethical, and the American people will render a judgment as well as the courts," McCain said, while Levin said Goldman "helped spread toxic mortgages throughout the financial system." The Senate subcommittee charges that Goldman, unlike other banks, made money by shorting the housing market as the subprime-crisis began. In prepared testimony, Blankfein said Goldman did not consistently try to short the residential mortgage market, despite internal emails that have suggested otherwise.