Senate Permanent Subcommittee on Investigations

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Whistleblower: Don't Fly on Boeing 787

Sam Salehpour says safety issues are 'as serious as I have ever seen in my lifetime'

(Newser) - Before he was due to testify in front of a Senate subcommittee on Wednesday, Boeing whistleblower Sam Salehpour gave his first on-camera interview, telling NBC News that all 787 Dreamliners ought to be grounded. Asked whether he would put his family on such a plane, Salehpour said he would not....

Senators Want Answers on PGA Tour-LIV Golf Deal

Panel calls in leaders of both organizations for hearing

(Newser) - A Senate panel would like the PGA Tour and LIV Golf bosses to explain their planned merger. Democratic Sen. Richard Blumenthal said the July 11 hearing will look into "what the Saudi takeover means for the future of this cherished American institution and our national interest," the BBC...

JPMorgan Report Brings Back Calls to Break Up Banks

'Epic breakdown' in oversight led to $6B loss

(Newser) - A Senate subcommittee report on JPMorgan Chase has slammed America's biggest financial institution so hard for trying to hide $6 billion in losses tied to the "London Whale" fiasco that business analysts are once again talking about the need to break up the biggest banks, reports Bloomberg . JPMorgan...

Goldman Preps Counterattack on Senate Report

Subcommittee's numbers are wrong, firm says

(Newser) - Goldman Sachs is ready to take a stand against a Senate subcommittee report that slammed the firm for allegedly misleading clients . Goldman will argue that the report exaggerates the firm’s 2007 bets against the housing market; it may release documents that support its belief that the subcommittee’s investigation...

Goldman Expects Barrage of Subpoenas

Move could presage criminal charges

(Newser) - Goldman Sachs officials believe federal prosecutors are about to slap them with a series of subpoenas as it follows up on the scathing report on the company from the Senate Permanent Subcommittee on Investigations. Sources tell the Wall Street Journal that they expect the Justice Department to come knocking within...

Goldman Gains $549M as Execs Are Grilled

Firm one of few winners as market nosedives

(Newser) - Goldman Sachs gained $549 million in value as its executives were grilled for 10 hours yesterday in a Senate hearing. The firm's shares closed up 1.2% after the day's trading on the New York Stock Exchange while most other stocks tumbled, BusinessWeek reports. Some analysts believe the rise reflects...

Blankfein Defends Turf, Is 'Hearing Martian'

Goldman CEO doesn't give ground to Senator Levin

(Newser) - Goldman Sachs CEO Lloyd Blankfein dueled with Sen. Carl Levin as the final witness in today's daylong grilling of company execs. The two went round and round, then round and round again, the same fundamental point without "speaking the same language," writes Frank Ahrens, who's live-blogging the proceedings...

Fabulous Fab: 'I Regret the Emails'

Goldman Sachs exec Fabrice Tourre faces Senate panel

(Newser) - Fabrice Tourre, the 31-year-old trader who is the only company official directly accused in the SEC suit against Goldman Sachs, testified today that he does not recall telling investors a Goldman hedge fund client had bought into an investment that soured. "I deny categorically the SEC's allegation," Tourre...

Goldman Dodges Questions
 Goldman Dodges 
 Damning Questions 
UPDATED
Apr 27, 2010 11:08 AM CDT

Goldman Dodges Damning Questions

Levin assaults firm on 'shitty deal,' Collins on responsibilities

(Newser) - If you enjoy high-quality squirming and stuttering, tune in to the Goldman Sachs Senate hearing. The assembled executives and former executives have been furiously dodging a series of tough questions from Carl Levin and Susan Collins. “Boy, that Timberwolf was one shitty deal,” Levin read from an internal...

Senate Berates 'Unethical' Goldman

As Code Pink protesters yell 'these guys are crooks'

(Newser) - Goldman Sachs took its lumps on Capitol Hill today, with the Senate investigations subcommittee berating it for taking positions against the securities it was selling. After a brief protest from Code Pink, chairman Carl Levin began the hearing by saying Goldman had treated its customers "not as valuable customers...

Goldman Sachs Screwed Clients as Bubble Burst

Senate panel will scold execs, reveal evidence in hearing today

(Newser) - Goldman Sachs sold investors a mountain of securitized subprime mortgages throughout the housing boom, but when things started to turn sour, they bet against those assets furiously—sometimes while still selling them, according to documents the Senate Permanent Investigations Subcommittee intends to browbeat the company with today. “They have...

Goldman Boasted of 'Serious Money' Amid Crash
Goldman Boasted of 'Serious Money' Amid Crash
internal emails
Apr 24, 2010 1:18 PM CDT

Goldman Boasted of 'Serious Money' Amid Crash

Senate panel releases company correspondence

(Newser) - E-mails released today by a Senate panel show top executives at Goldman Sachs boasting about the money the firm was making as the national housing market collapsed in 2007. The e-mails suggest Goldman benefited from its bets that securities backed by subprime mortgages would lose value, and they seem to...

Washington Mutual Wrote a Subprime Rap Song
Washington Mutual Wrote
a Subprime Rap Song
Not a joke!
Apr 14, 2010 10:12 AM CDT

Washington Mutual Wrote a Subprime Rap Song

'I like big bucks and I cannot lie'

(Newser) - “I like big bucks, and I cannot lie/You mortgage brothers can’t deny.” Those are actual lines from an actual horrible rap knockoff that was actually performed at the Washington Mutual President’s Club Awards Dinner in 2006—you know, around the same time that the company was...

WaMu 'Poisoned' Financial System: Senate Report

Senate panel says lender knowingly built 'mortgage time bomb'

(Newser) - Washington Mutual made subprime loans it knew would go bad, then packaged them into risky securities, creating a “mortgage time bomb,” according to a Senate report. The permanent investigations subcommittee is grilling former WaMu execs this morning. The report also says the bank packaged and sold loans it...

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