Senate probe: Goldman misled clients and nation — and made billions

[babsbunny]

http://www.mcclatchydc.com/2010/04/26/92914/goldman-secretly-made-billions.html

By Greg Gordon and Chris Adams | McClatchy Newspapers

WASHINGTON — Goldman Sachs reaped "billions and billions of dollars" in profits by secretly betting in 2006 and 2007 that the U.S. housing market would crash, a strategy that conflicted with the interests of its clients who were still buying the firm's risky mortgage securities, Senate investigators said Monday.

"The evidence shows that Goldman repeatedly put its own interests and profits ahead of the interests of its clients," Sen. Carl Levin, D-Mich, the chairman of the Permanent Investigations Subcommittee, told a news briefing.