Goldman, Congress Spar on Business Ethics

By David Schoetz

Apr 27, 2010 5:56pm

Quick set-up to a report we'll have tonight about Goldman Sachs, at the tailend of some testy testimony before a Senate subcommittee. Embedded below is the clip that for now (CEO Lloyd Blankfein is still testifying) generating the most attention — subcommittee chair Sen. Carl Levin, D-Mich., citing an e-mail among Goldman Sachs traders that refers to a "sh**ty deal," a phrase he used over and over again to paint Goldman as corrupt. And don't worry, Republicans also launched some zingers. Also testifying was Fabrice Tourre, the 31-year-old trader at the center of a civil fraud lawsuit filed by the SEC last week. in a January 2007 e-mail, Tourre referred to himself as the "fabulous Fab." While Tourre said he regrets sending that e-mail, he denied any wrongdoing that helped the company cash in on the housing crisis. It is a position the company has been uniform in defending. Meantime, on a day when Wall Street suffered bruising losses — Goldman stocks rose by $1.01. Now, one question becomes: How much will today's Goldman hearings help or hurt the passage of financial regulatory reform?

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