During today's hearings with Goldman Sachs execs on Capitol Hill, Sen. Carl Levin (D-MI) got into it with former mortgage chief Dan Sparks over whether he and his colleagues felt they had a responsibility to tell clients when betting against their trades. This is a huge story, needless to say: the firm made billions off the market's collapse, while investors and the American public were hopelessly screwed. The volume of emails and what they reveal is massive and complex—but sometimes, stories like these are best approached one detail at a time. Here's a good, small place to start:
Levin pointed to a particular transaction that one of Sparks' bosses termed a "shi**y deal" in an email. The Senator used the phrase "shi**y deal" at least a half dozen times at the hearing. Sparks did not respond directly, and said it was not his own description of the transaction.
Later in the day, when asked about the email, Chief Financial Officer David Viniar said, "I think that's very unfortunate to have on email."
People in the gallery laughed, and Senator Levin said, "On email? How about feeling that way?"
Viniar said, "I think it's very unfortunate for anyone to have said that, in any form."
Levin asked about whether it was unfortunate to believe it, and Viniar said, "I think that's very unfortunate as well."
Some protesters inside the chambers wore striped prison outfits and held pink signs reading "SHAME."
The Supreme Court of the United States ruled Thursday in the Trump financial documents case, and upholds the Manhattan DA’s subpoena. In a 7-2 decision, SCOTUS ruled that Manhattan District Attorney Cy Vance is entitled to see President Trump’s taxes. Justice Roberts: “In our judicial system, ‘the public has a right to ‘everyman’s evidence.’ Since […]
Longtime Donald Trump consigliere Roger Stone is due in prison next week. Facebook on Wednesday took down 50 personal and professional pages connected to the U.S. President’s former adviser, about 10 years after it would do any good.
“#BreakingNews an SUV just plowed through protesters on 42nd street in #manhattan Still assessing injuries if any. More on @NY1 #blacklivesmatter #nycprotest more on @NY1,” tweeted NY1 news reporter Ruschell Boone [@RuschellBoone] at 10:19pm New York Time.
Unless you’re a regular cannabis user, you might be surprised to learn that the plant itself is basically just that — a plant. It’s not until you put cannabis under high heat that the process of decarboxylation breaks down that raw form into the psychoactive compounds that can actually benefit the body. This unlocking process […]
With our smartphones serving as the vital tether that links us to the rest of our lives, it’s no wonder how low batteries and power emergencies can occasionally feel like a life-and-death situation. I mean, it’s usually not, of course…but darned if it doesn’t feel that way when your indicator is showing only 5 percent […]
Despite all of our most fervent hopes, it doesn’t appear the specter of COVID-19 will be leaving us anytime soon. If anything, the past few weeks seems to indicate the need for social distancing and other preventative measures will likely continue indefinitely from coast to coast for a very, very, very long time. Of course, […]