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Carl Levin To Refer Goldman To Justice Department, SEC For Misleading Investors And Committing Perjury

Tyler Durden's picture


Yesterday JPMorgan, today Goldman (again) and Deutsche Bank. Following the completion of a two-year report by the Senate Permanent Subcommittee of Investigations into the role of Goldman and other banks in the housing collapse, the FT reports that  "US Senate investigators probing the financial crisis will refer evidence about Wall Street institutions including Goldman Sachs and Deutsche Bank to the justice department for possible criminal investigations, officials said on Wednesday." According to Carl "Shitty Deal" Levin, head of the subcommittee, "banks mis-sold mortgage-backed securities and misled investors and lawmakers. “We will be referring this matter to the justice department and to the SEC [Securities and Exchange Commission],” he said. “In my judgment, Goldman clearly misled their clients and they misled Congress.” Bloomberg further clarifies: "At a briefing today, Levin said he believed Goldman Sachs executives weren’t truthful about the company’s transactions in testimony before the subcommittee at an April 2010 hearing. He said he would refer the testimony to the Justice Department for possible perjury charges...In my judgment, Goldman clearly misled their clients and they misled the Congress.” Levin said. And Deutsche Bank's Greg "I am short your house" Lippmann was not spared either: "Republicans and Democrats signed off on the report, which said Greg Lippmann, Deutsche’s top CDO trader, referred to assets underlying the securities as “crap” and “pigs” at the same time as his bank was selling them to clients. Prior to the crisis, Mr Lippmann built a short position in CDOs, betting that they would fall in value, even though Deutsche had a large long position on the securities." Just more smoke and mirrors? Or are we getting to a critical mass where even the very corrupt judicial system will have to respond?

From FT:

Mr Levin said that, despite Goldman’s assertions it had no grand strategy to bet against the US mortgage market, there was a “big short” not disclosed to its clients. The omission, he said, misled customers who were not aware of the financial incentives Goldman had when creating and marketing CDOs.

Goldman said: “We did not have a massive net short position because our short positions were largely offset by our long positions, and our financial results clearly demonstrate this point.”

The report is the last major congressional probe into the crisis that forced governments to spend billions of dollars to rescue banks.

“The report tells the inside story of an economic assault that cost millions of Americans their jobs and their homes while wiping out investors, good businesses and markets,” said Mr Levin. “The threads that run through all the chapters in the sordid story are conflicts of interest and extreme greed.”

And from Bloomberg:

In a statement, Goldman Sachs denied that it had misled anyone about its business.
‘Truthful and Accurate’

“The testimony we gave was truthful and accurate and this is confirmed by the Subcommittee’s own report,” said Lucas Van Praag, a company spokesman. “The report references testimony from Goldman Sachs witnesses who repeatedly and consistently acknowledged that we were intermittently net short during 2007. We did not have a massive net short position because our short positions were largely offset by our long positions, and our financial results clearly demonstrate this point.”

With today’s release, the Senate panel completes a two-year investigation of mortgage firms, federal regulators and Wall Street banks highlighted by the expletive-laden interrogation of Goldman Sachs executives including Chairman and Chief Executive Officer Lloyd Blankfein a year ago this month.

“Our investigation found a financial snake pit rife with greed, conflicts of interest, and wrongdoing,” Levin told reporters today.

Will Goldman's $550 million settlement have been in vain? Hardly. After all the ball is now back in the SEC's court. And as everyone knows the SEC is merely a stepping stone for incompetent prosecution lawyers before they find much better paying jobs where they can continue their careers as incomponent defense lawyers on Wall Street.

The report comes less than a year after Goldman Sachs paid $550 million to resolve Securities and Exchange Commission claims that it misled investors in a collateralized debt obligation and its executives were called to testify before two congressional panels and a commission formed to investigate the worst financial crisis since the Great Depression. A committee of Goldman Sachs employees led by E. Gerald Corrigan and J. Michael Evans released 39 recommendations on Jan. 11 for the company to reform its business practices.

The subcommittee urged regulators to “identify any violations of law” in the investment-bank transactions described in the report.

We are not holding our breath for regulators to find anything that a bribe here and there won't confirm was perfectly in line with the law.

Full Senate report (link):

Senate Report GS


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Wed, 04/13/2011 - 20:26 | 1167326 Bill D. Cat
Bill D. Cat's picture

The cynic in me sees this as campaign donations , or else .

Wed, 04/13/2011 - 20:31 | 1167339 chumbawamba
chumbawamba's picture

Yep, that sums it up.  A "referral" is just step A.  It doesn't matter if you never make it to step Z (or even step B as is the matter these days).

Another ho-hum news item.  Yawn.

I am Chumbawamba.

Thu, 04/14/2011 - 00:26 | 1167907 trav7777
trav7777's picture

SECers have to see GS or other WS firms as their next career step.  Are they really going to shitcan their career ladder?

Thu, 04/14/2011 - 05:58 | 1168083 French Frog
French Frog's picture

"Don't hold your breath" sums it up, unfortunately

Wed, 04/13/2011 - 20:48 | 1167396 AN0NYM0US
AN0NYM0US's picture

yawn.... who ya goin to voter for on Idol


Wed, 04/13/2011 - 21:14 | 1167474 Thomas
Thomas's picture

And what about Gary Cohn? His was the biggest lie of them all.

Wed, 04/13/2011 - 21:27 | 1167520 smlbizman
smlbizman's picture

i can't believe we are wasting time with these bankers, why are we not finding out more about roger clemens...maybe an illegal dice game with a bunch of second string nfl'rs....something, something fuckin important...

Wed, 04/13/2011 - 21:31 | 1167543 NOTW777
NOTW777's picture

how can Carl Levin accuse anyone of of anything

Thu, 04/14/2011 - 05:07 | 1168065 Hedge Jobs
Hedge Jobs's picture

i think Levinstein needs to re read his Talmud before referring Goldman to the SEC.

"Robbery of a Gentile by a Jew is not forbidden outright, but only under certain circumstances such as "when the Gentiles are not under our rule," but is permitted "when they are under our rule." "

Dont worry though, Mary Shapiro knows her Talmud inside out and will make sure this case, like all other others, gets thrown out in accordance with the sciptures.

Thu, 04/14/2011 - 07:38 | 1168145 taxpayer102
taxpayer102's picture

Exactly, after Levin, Joe Lieberman and McCain (Armed Services Committee) approved U.S. forces attacking Libya, then congratulated Adm Mullen and Sec Gates for it, now Levin wants to be the good cop...

Thu, 04/14/2011 - 00:44 | 1167929 Weisbrot
Weisbrot's picture

side show with bogus or week prosecution followed up with a pardon after nominal slap on the wrist time & fine are served & paid. its all for the cameras, after all its officially election season.

Thu, 04/14/2011 - 09:52 | 1168509 Carpe Diem
Carpe Diem's picture

Oh Yes! They need the big bucks down at the hive.

This tune just wnet viral on the net.

It's the new matra for all of us tired of the political charade.

Wed, 04/13/2011 - 20:25 | 1167327 Perseid.Rocks
Perseid.Rocks's picture

Give them the comfy chair... yes, nothing less than the comfy chair will satisfy the overlords in providing justice for the masses.

Wed, 04/13/2011 - 21:34 | 1167551 aint no fortuna...
aint no fortunate son's picture

This means Holder will have to stop taking his daily duck boat tours? It'll never happen, Obama will see to that.

Wed, 04/13/2011 - 20:29 | 1167330 Prof Gulliver
Prof Gulliver's picture

It's all like pro wrestling. The heel and the babyface put on a show for the marks. Afterward, they go backstage, divvy up the proceeds, laugh and go out together and have a beer.

Wed, 04/13/2011 - 20:31 | 1167343 Hephasteus
Hephasteus's picture

I thought that was only Barry "Let me get you drunk and then let's negoitate" Name change obama.

Wed, 04/13/2011 - 20:32 | 1167346 chumbawamba
chumbawamba's picture

Good.  People are catching on.

Better late than never.

I am Chumbawamba.

Wed, 04/13/2011 - 20:52 | 1167404 Hephasteus
Hephasteus's picture

Can't the EU just make them pay a huge penalty fine that doesn't involve any money and is never paid and doesn't alter or affect the course of history or the financial balance sheets of any of the companies involved. You know the old pulled wrist slap followed by fake crocodile tears crying. LOL

Thu, 04/14/2011 - 09:52 | 1168512 Carpe Diem
Carpe Diem's picture

And then shuck and jive.

This great viral tune is the new matra for all of us tired of the political charade.

Wed, 04/13/2011 - 20:28 | 1167333 Raymond K Hassel
Raymond K Hassel's picture

And it will get 1/1000th of the DOJs time as compared to Barry Bond's case.  Lesson learned - cheat the market, cheat in the NFL, cheat in the NBA, cheat in the NHL - but by god - don't you ever dare fucking dream of cheating in the MLB - it's the proxy distraction after all.

Wed, 04/13/2011 - 20:33 | 1167340 Raymond K Hassel
Raymond K Hassel's picture

As a caveat, if I were a contestant on Dancing with the Stars, or on Jersey Shore, I'd be wathching my back - we need fresh celebrity fall guys and we need them asap.

Wed, 04/13/2011 - 20:31 | 1167344 myshadow
myshadow's picture


Wed, 04/13/2011 - 20:34 | 1167348 plocequ1
plocequ1's picture

Who cares? Who gives a flying fluck???  Im watching Carly Simon, Errr, I meant.. Steven Tyler and J Lo on American Idol. Far more entertaining.

Wed, 04/13/2011 - 20:35 | 1167350 HamyWanger
HamyWanger's picture

Do you really believe that a primary dealer can be submitted to US justice? 


Wed, 04/13/2011 - 23:40 | 1167845 Harmonious_Diss...
Harmonious_Dissonance's picture

Roaches run from sunlight, Hamy.

Thu, 04/14/2011 - 00:04 | 1167879 RockyRacoon
RockyRacoon's picture

You go Wanger.  You've been a good alternate cognomen for your namesake.

Nobody gets no respect on ZH.  We bitch about the "banks" and then we bitch about the folks who call 'em out.   Either ad hominen attacks on the justice seekers, or threats of public quartering for the bankers.   We are a ruthless and bloodthirsty bunch.

Wouldn't have it any other way.

Wed, 04/13/2011 - 20:35 | 1167360 Shameful
Shameful's picture

Yeah I'll believe that the system works when Lloyd and Jamie are in Federal pound me in the ass prison. When Lloyd is tossing salad and Jamie is biting the pillow I'll believe there can be justice in the USA.

Wed, 04/13/2011 - 20:43 | 1167375 dick cheneys ghost
dick cheneys ghost's picture

Dont forget the Rothschilds........

Wed, 04/13/2011 - 20:43 | 1167377 Perseid.Rocks
Perseid.Rocks's picture

How dare they earn $50 Billion at the expense of innocent investors.. we must fine those Golden Sachs $3 Million right this instant.. $3 Million and not a penny more !


Wed, 04/13/2011 - 22:12 | 1167642 chindit13
chindit13's picture

Maybe there's a father-son prison out there somewhere, and Lloyd Blankfein can share a cell with his son Jared Lee Loughner.  We're all about "family" in America, after all.

Wed, 04/13/2011 - 20:39 | 1167368 Long-John-Silver
Long-John-Silver's picture

SEC= Secretly Exchanging Cash

Wed, 04/13/2011 - 20:39 | 1167370 silvertrain
silvertrain's picture

"Our investigation found a financial snake pit rife with greed,conflicts of interest and wrongdoing"

Hope everyone sold there commodities off when GS top called it....

Wed, 04/13/2011 - 21:08 | 1167454 lincolnsteffens
lincolnsteffens's picture

Oh yeah, sure. Anybody know who tried to flood the paper market and drive it down?


Wed, 04/13/2011 - 21:25 | 1167514 DavidPierre
DavidPierre's picture

WSJ this morning ... Glencore International is going to launch an IPO in London and Hong Kong. There have been several articles about this in the WSJ over the past few weeks.

Glencore is the largest commodity trading company by revenue in the world.

This will be the largest IPO in the world this year, about twice as big as the 2nd biggest IPO of the year. London was indicated as the primary listing venue with Hong Kong being a secondary listing.

Why would the largest commodity trader in the world not list their shares in the US? Are they worried about:

1. the big banks indiscriminately shorting and naked shorting their shares?

2. the reporting requirements and regulations in the US?

3. a combination of 1 and 2?

4. some other factor?

There is something seriously wrong when the largest commodity trader in the world does an IPO and doesn't list in the US.

Wed, 04/13/2011 - 22:36 | 1167708 mcarthur
mcarthur's picture

You know the market has truly topped out when these guys are doing an IPO.  Sort of like the Blackstone IPO.  Greedy bastards from Zug know it is time to cash in. 

Thu, 04/14/2011 - 02:34 | 1168004 Urban Redneck
Urban Redneck's picture

1) Glencore isn't the firm it used to be.  They used to go where everyone else was afraid to, with the explosion of Emerging Markets those opportunities don't exist on the same scale anymore, so they have become a more traditional commodities producer and trader. 

2) Glencore is still the firm founded by Marc Rich, even if he and his investment are long gone.

3) Why pay US taxes?  European taxes are lower.

Wed, 04/13/2011 - 20:49 | 1167381 nonclaim
nonclaim's picture

Refer Goldman To Justice [...] For Misleading Investors

We need a new tag for posts like this one. I suggest 'hahaha' of something to that effect... Not that I enjoy it, but we need to show what know this 'justice'.

Wed, 04/13/2011 - 20:47 | 1167391 max2205
max2205's picture

Sure....meaningless tripe.

Wed, 04/13/2011 - 20:49 | 1167401 Eireann go Brach
Eireann go Brach's picture

Who wil pay Obamas campaign fees now? they will get just a slap in the wrist so Obummer can get his Bama Bucks!

Thu, 04/14/2011 - 09:59 | 1168524 Carpe Diem
Carpe Diem's picture

They need the big bucks down at the hive.

This great viral tune is the new matra for all of us tired of the political charade.

Wed, 04/13/2011 - 20:54 | 1167419 IdioTsincracY
IdioTsincracY's picture

So, let me get this... everybody wants to see JPM and GS held to account, but then the same people quickly criticize the ones who try to do something about it?!?

I guess you guys must be the ones who voted Obama in to have things change and then 1 and 1/2 yrs in put the Republicans back in so that they could preserve Status Quo.


Wow ... inescapable logic right there!

Wed, 04/13/2011 - 20:57 | 1167429 dark pools of soros
dark pools of soros's picture

Sophisticate Investors can not be mislead. 

Wed, 04/13/2011 - 21:00 | 1167438 IdioTsincracY
IdioTsincracY's picture


sophisticate - twist: practice sophistry; change the meaning of or be vague about in order to mislead or deceive;

Oxymoron alert!!!

Wed, 04/13/2011 - 21:02 | 1167437 PulauHantu29
PulauHantu29's picture

Yes, naughty they pay a $10,000 with shaeholder money and retire to their Bermuda Hide-Aways....

Wed, 04/13/2011 - 21:02 | 1167443 lincolnsteffens
lincolnsteffens's picture

How do we know the lawyers are incompetent? Maybe they just got tired of trying to defeat "evil doers" only to see the judges screw it up. The investigator working for Wachovia was discouraged year after year by the people he reported to about money laundering through one branch. He never gave up. All it  took was one upstanding person in a position to do something about it who took an interest and pursued it to the end.

I've got a family member who used to work in quality controll. It was a job that was mandated by government but paid by the company he went to work for. Not doing a good job or looking the other way could have cost hundreds of people their lives and at least their health. He would spot minor problems which the companies fixed. When he found a major flaw in the product line he would require the company to fix it no mater what the cost since it could be lethal. He never would compromise on safety. As a result he was regularly looking for a new company to work for because the companies would not comply. He'd be fired and the company would just hire another quality control guy until they found one that would look the other way.

Wed, 04/13/2011 - 21:05 | 1167452 IdioTsincracY
IdioTsincracY's picture

Right on!

1) Destroy regulations

2) Blame regulators

3) Repeat 1 and 2 ad infinitum

4) When all else fails fire QC staff and await tax payer bailout!

Wed, 04/13/2011 - 21:59 | 1167569 lincolnsteffens
lincolnsteffens's picture

Lots of boyz on ZH, as almost everywhere, are ready to kill or put someone in a pillory until the birds and the bugs torture him for a few months fed on bread, gruel and water. Someone gets accused of some slime ball thing and all the know-nothings-about-the-details-people are ready to pounce. That is why mob rule and vigilantism is against the law. The mob wont wait to hear, see and analyze the evidence cause they know in their minds without knowing much except an accusation that seems to fit their expectations.

I say walk a mile in my shoes. Don't convict someone before you see the evidence. Too many know it alls here spewing out shit cause they THINK they are righteous. ZH is a great site to pick up as it happens REAL NEWS. There are good thought provoking comments here also, but there is a big load of hate mongers and folks that have high opinions of themselves.

Wed, 04/13/2011 - 21:10 | 1167467 TrustWho
TrustWho's picture

Let's put pressure on journalist:


Finally, somebody took the big banks to task for their irresponsible and illegal behavior that contributed significantly to the financial collapse of this country--I am afraid this embarrassingly greedy episode has yet finished its nasty impact on western civilization (PIIGS, UK, USA...) Chairman Sen. Carl Levin (D., Mich.) and the panel's ranking Republican, Sen. Tom Coburn of Oklahoma should be exalted for their outstanding and bold stance against the TBF Banks.

You wrote a great story; however your line at the beginning of the article, "Though lacking evidence of outright fraud," is just plain wrong. Bank executives, especially Goldman, have been referred to the authorities based on the evidence collected by this committee. Senator Levin accused Goldman executives of lying to the committee. Lying is necessary foundation for fraud.

I hope you get many e-mails on your inappropriate statement of fact so you will correct it in a new article. A suggestion for this article is: You could show the hypocrisy in the judicial system by comparing our justice department's energy against Barry Bonds and Roger Clemens relative to their lack of energy in the pursuit of Angelo Mozilo and other bank CEOs who have been involve in this scam and have given false testimony to Congress. In my opinion, the justice department is focusing and spending our tax dollars on the wrong targets!


Wed, 04/13/2011 - 21:12 | 1167477 IdioTsincracY
IdioTsincracY's picture

Very well written ... mine is on its way.



Wed, 04/13/2011 - 21:22 | 1167505 TrustWho
TrustWho's picture

Thank-you, I hope you are one of many.

Wed, 04/13/2011 - 21:15 | 1167481 lsbumblebee
lsbumblebee's picture

Boy this sure makes me wax nostalgic. Thanks for the trip down memory lane Carl.


"A growing number of House Democrats are asking the Department of Justice to open a criminal investigation into Goldman Sachs.

Rep. Marcy Kaptur (D-Ohio) made the request Tuesday in a letter to Attorney General Eric Holder. Since then, almost 20 of her colleagues have signed on.

The Securities and Exchange Commission (SEC) has filed a fraud action against Goldman for allegedly promoting a package of investments that was designed to fail. But the SEC can only pursue civil actions. Kaptur wants the Justice Department (DOJ) to consider criminal charges as well."

The Hill, 04/21/10


Wed, 04/13/2011 - 21:18 | 1167490 IdioTsincracY
IdioTsincracY's picture

Funny how it is always the Democrats pushing for investigation ... on the other hand, republicans are too busy destroying the middle class to bother with such trivial matters.

Wed, 04/13/2011 - 21:57 | 1167604 lincolnsteffens
lincolnsteffens's picture

This is all just political one upmanship. Notice how a little truth started to come forth in the MSM last week? Notice how the Prez is starting to sound a little like the Tea Partiers?

This is the old routine of trying to look like you are originating the other Parties ideas just like Slick Willy did to the Republicans. A POX ON BOTH THEIR HOUSES. You can tell when most politicians are lying just because their mouths are open. They have think tanks and analyzers to think up what sheeple should hear and what words or phrases are the best to use to get them to vote for you.

There is no cure for slime ball polliticians except to limit the amount of money they get to waste and the power they uses to abuse people with. Smaller just makes it less complicated to understand and deal with. You will still get some of the same mess but it wont cost as much.

I am Linclon Steffens the Muck Raker. Shazaaaam!


Thu, 04/14/2011 - 10:01 | 1168535 Carpe Diem
Carpe Diem's picture

They fiddle better than Nero.

This great viral tune says it all. It's the new matra for all of us tired of the political charade.

Wed, 04/13/2011 - 21:19 | 1167491 TheGoodDoctor
TheGoodDoctor's picture

Actually isn't this all going to be a farce for upcoming elections?

Wed, 04/13/2011 - 21:22 | 1167504 IdioTsincracY
IdioTsincracY's picture

It will end up being a farce if, as usual, the public will not support the effort because they think it is just a farce.


Call it self-fulfilling prophecy or just self-screwing!

Wed, 04/13/2011 - 23:11 | 1167814 Rick64
Rick64's picture

 Yep its campaign season. Time to act like the administration is cracking down on Wallstreet Banks.

Wed, 04/13/2011 - 21:17 | 1167493 BlackholeDivestment
BlackholeDivestment's picture

Carl Levin, yeah riiight. Let's take a look at your phone records etc... boy, ...not like your friends are not evident of ''you'' as ''suspect'' too. to bug the SEC, FBI and entire Legislative body, along with every criminal banker's home etc... at this point. Under the MCA rules, as an individual, that's legal enough this point. Hell, you can torture and kill yourself to death ...without cause for review, after all, the law declares all hosts of the law to be guilty and dead, as long as Executive power remains alive and above the Constitution and legally able to ''execute the office'' lol .

Wed, 04/13/2011 - 21:18 | 1167495 anolmec
anolmec's picture

Lets see now, we have a 2 year investigation, followed by a "referal of evidence for possible investigations, followed by the jokestuce dept "looking into it", followed by a few sham charges, followed by an election, followed by months of pre-trial motions in kangaroo court, followed by a pre-trial settlement that admits no wrong doing, levies no penalties, and curiously includes a promise not to do what they did not admit to doing.


Lube it up baby this one going in up to the hilts

Wed, 04/13/2011 - 21:24 | 1167512 IdioTsincracY
IdioTsincracY's picture

No need to lube it up, after what we have just gone through, this one is gonna be just fine!

Wed, 04/13/2011 - 21:30 | 1167535 TrustWho
TrustWho's picture

Well written cynicism. Can I send it to Liz of Wall Street Journal?

Thu, 04/14/2011 - 10:06 | 1168544 Carpe Diem
Carpe Diem's picture

Watch them shuck and jive.

This great viral tune says it all. It's the new matra for all of us tired of the political charade.

Wed, 04/13/2011 - 21:25 | 1167517 torabora
torabora's picture

This is the same Carl Levin that voted for trillion$$$$ of new debt?

Wed, 04/13/2011 - 21:32 | 1167540 IdioTsincracY
IdioTsincracY's picture

in order to save an economy in shambles ... that does not take anything away from what he is trying to do right now.

We just do not get it... every time somebody does what we want, instead of showing support, we just ridicule the effort, doing the bidding of the very people we want to hold accountable.


Go figure!!!

We are doomed!!!!!

Thu, 04/14/2011 - 06:40 | 1168100 nmewn
nmewn's picture

Same guy..."shovel ready jobs"...ObamaCare...he's been there forever spending the government into oblivion.

It is however interesting that they are beginning to cast about for a "large villain" to knock down a will, in the end, be a fine and a camera op for pontificating political blowhards, nothing more.

Investment banks must be separated again from FDIC insured's the only way...everything else is theater.

If he were serious he would say we are reffering the matter to Justice and opening hearings on re-instituting Glass-Steagall and really watch the cockroaches scurry.

Wed, 04/13/2011 - 21:25 | 1167524 Bastiat
Bastiat's picture

Oh boy another shadow puppet show:  create the spectacle of accusation, the illusion of the rule of law, then let if fizzle out, soon displaced by the next scandal/disaster ad infinitum.  All is forgotten long before the long-deferred day when "Justice" lifts her greasy head off the pillow and turns her jaundiced gaze on the matter.  Expect more focus group driven "justice" theatrics as we are move towards next year's elections.

Wed, 04/13/2011 - 21:26 | 1167528 outamyeffinway
outamyeffinway's picture

Everytime I hear the word, "SEC" I go back to making my plans to leave the country. Change won't happen until catastrophe hits.

Wed, 04/13/2011 - 22:08 | 1167630 lincolnsteffens
lincolnsteffens's picture

Get ready because change IS on the way! The catastrophes are piling up and it will come at a  time of its own choosing. It seems like slow motion now but when it arrives you wont have more than hours or days notice before  it comes knocking on your door.

Wed, 04/13/2011 - 21:31 | 1167547 IdioTsincracY
IdioTsincracY's picture

Change won't happen until we stop this negative attitude and start supporting the things that help our cause regardless of the proponent.

Wed, 04/13/2011 - 22:03 | 1167617 buzzsaw99
buzzsaw99's picture

DOJ = Joke

SEC = Lap dog

FBI = the squid's personal police force

CONgreff = Jamie's bitch

Prez = Captured and weak

Bankster bitchez rule the fed bitchez!

Wed, 04/13/2011 - 22:08 | 1167626 HedgeFundLIVE
HedgeFundLIVE's picture

we've been calling that obama will have at it with wall street again really soon.  guess it's happening.  smells like april 2010:

Wed, 04/13/2011 - 22:18 | 1167653 f16hoser
f16hoser's picture

Levins' a pussy! Those weak-dicks have yet to send one person to prison. As soon as Levin looks down the wrong hole JPM/GS will cut him off at the knees. I fully expect this story to just dissolve-away into ferry dust. Sad really.

Wed, 04/13/2011 - 22:20 | 1167657 Kiwi Pete
Kiwi Pete's picture

Anyone else remember a few years back when Salomon Brothers was caught by the Govt rigging Treasury auctions? They came down so hard on them the CEO (was it Gutfreund?) had to go and they were fined to the point of bankrupcy. Clear message. Do not fuck with Uncle Sam. Screw anyone else - it's just biznezz!

Wed, 04/13/2011 - 22:30 | 1167689 Chuck Walla
Chuck Walla's picture

what do they do GS and DOJ do in the discovery phase?  Sit there and wink at each other?

Wed, 04/13/2011 - 22:30 | 1167690 HedgeFundLIVE
HedgeFundLIVE's picture

 I will be trading GS aggressively tomorrow!:

Wed, 04/13/2011 - 23:08 | 1167804 israhole
israhole's picture

Dog and pony show, much like Israel's "peace talks" with Palestine.  Does anybody really believe a Chosen One will punish one of their own?

Keep dreaming Stupid Goyim.

Thu, 04/14/2011 - 04:25 | 1168050 Andy Lewis
Andy Lewis's picture

You may not be stupid but I can smell your breath clear across the web.

Thu, 04/14/2011 - 00:06 | 1167880 Bansters-in-my-...
Bansters-in-my- feces's picture

All the USA Justice Dept (SOUNDS LIKE A FUCKING JOKE) and the SEC will probably say is "Blow jobs all round and caviar for everyone".

USA is a disgusting exuse for a country

Thu, 04/14/2011 - 00:38 | 1167920 AldoHux_IV
AldoHux_IV's picture

There are a lot more (including regulators/fed) that need to go to jail for what they did to this country, economy, middle and lower class, and financial system let alone what they did to the rest of the world.

As always this will not be good enough and all the while the slave masters are taking away the individual rights and liberties everyday.

Thu, 04/14/2011 - 00:43 | 1167923 HedgeFundLIVE
HedgeFundLIVE's picture

What does this all mean for Goldman’s stock price? Last time the stock dropped by $15.  Will it drop that much this time?  I gotta tell you, given how many Wall Street scandals we have all endured over the last year I have to believe that the Street will be at least slightly less bothered with today’s news but who knows?

Thu, 04/14/2011 - 01:03 | 1167947 mark mchugh
mark mchugh's picture

Say what you want about Levin, but I thought he made a real effort to do what US congressman are supposed to do.  I believe he tried, and I'm not the sort who just says things like that. 

He knows they belong in jail, and the quote from the FT reflects that.  (Of course the DOJ will drop the ball).

I watched the hearings and I kept thinking, "This guy wants to nail these punks, he hasn't been prepped well enough."

Am I wrong to think that?

Another thought: I really think we need to see a few people nailed to the wall for perjury - about anything.  People think nothing of lying after taking an oath, like it's all part of the game.  Putting the fear of God into people testifying would do wonders for our justice system.

Thu, 04/14/2011 - 06:50 | 1168107 nmewn
nmewn's picture

Agreed...perjury used to mean jail time and a fine...not just a fine.

Thu, 04/14/2011 - 01:36 | 1167967 Groty
Groty's picture

Referring to something as "crap" or "pig" is not a crime.  You can trade anything.  It's only a question of what price is needed to clear the market.  The buyer and the seller agreed to a price and executed a trade.  I don't see the crime.

At least with the Deutsche Bank case, it looks like Levin just wants to run the guy's reputation through the mud to score political points.  What a wonderful public servant Mr. Levin is. 

Thu, 04/14/2011 - 02:04 | 1167985 mark mchugh
mark mchugh's picture

One of the crimes is that they stated John Paulson had a position in one of the deals, ommitting the detail that it was a short position.  Of course, that's how you turn lemons into lemonade.

Thu, 04/14/2011 - 05:30 | 1168074 johngaltfla
johngaltfla's picture

And a stern slap on the wrist and lecture from Mom will ensue. If anyone thinks the squid is going to get a serious fine or criminal penalty, they are on crack.

Thu, 04/14/2011 - 06:12 | 1168081 Escapeclaws
Escapeclaws's picture

I would gladly pay GS's fines for this. I have a couple of dollars in my wallet I could mail to them. Oh wait, I guess I'm already paying their fines by paying taxes.

Thu, 04/14/2011 - 06:06 | 1168087 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Ah, tis a sad sad day when doing g-d's work no longer pays ...

Thu, 04/14/2011 - 07:51 | 1168168 Bitch Tits
Bitch Tits's picture

God: keeping the poor in their place and the rich in their heaven since 1913!

At the very least.



Thu, 04/14/2011 - 07:53 | 1168174 Dr. Impossible
Dr. Impossible's picture

So, Mr.Levin seems to feel informing members of the American Bar Association (Think: registered with the IRS, FED at the behest of the executive office, and compensated for services in FRN's/credit ratings...or no license for said groups) is going to accomplish any form of justice for the people? Why would he not simply pass this report to all members of congress to "defund" these groups instead?  It seems it would be a much more cost effective solution. and surely a deficit reducing action.

Thu, 04/14/2011 - 09:12 | 1168379 Ruffcut
Ruffcut's picture

I wrote him many times before. Bitching about the banks destroying the USA, bla bla. I gave up. WOnder why he is back to the shitty deal.

Need a grand jury of ZH'ers. Only then something would get done, or our wallets would be fatter.

Thu, 04/14/2011 - 10:10 | 1168571 Carpe Diem
Carpe Diem's picture

Watch them shuck and jive. They fiddle better than Nero.

This great viral tune says it all. It's the new matra for all of us tired of the political charade.

Do NOT follow this link or you will be banned from the site!