One question; when will people go to jail ?
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A U.S. Senate report that said Goldman Sachs Group Inc. (GS)misled clients about mortgage-linked securities was formally referred to the Justice Department and the Securities and Exchange Commission, which are reviewing its findings.
Senators Carl Levin and Tom Coburn, the Democratic chairman and senior Republican on the Permanent Subcommittee on Investigations, have signed a referral letter asking the agencies to examine the panel’s report, Levin said today in an interview. The results of the investigation, made public by the committee April 13, pinned much of the blame for the credit crisis on Wall Street banks that earned billions by enticing clients to buy the risky bond deals.
“If something comes up that needs to be reviewed by some agency, it gets referred,” said Levin. “That’s the way we do it.”
The scrutiny is a setback for Goldman Sachs, which hired lawyers, lobbyists and public relations specialists to monitor the two-year investigation and tamp down any controversy that arose from the subcommittee’s conclusions.”
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