Do you remember that 11-hour Senate hearing where there were more scatological references than you could find in a Beavis and Butthead movie? “How much of that sh**ty deal did you sell?” asked Senator Carl Levin, the Michigan Democrat who was running a hearing of the Senate Permanent Subcommittee on investigations. “Should Goldman Sachs be trying to sell the sh**ty deal?
Levin was grilling a Goldman executive about the over-the-top emails Levin’s committee had collected that made very clear that insiders at Goldman — and other firms — were privately trashing the same securities they were selling to their customers. One gem the investigators had come across: A Goldman executive emailing a colleague “Boy that Timberwolf was one sh**ty deal.”
When all was said and done, Levin asked the Justice Department to look into whether Goldman had broken the law by misleading clients. Last Thursday, Justice said it wouldn’t be bringing a case.
In my column for CNN.com today, I raise the question that’s on a lot of people’s minds: Do big banks like Goldman get special treatment? Read article