Events: U.S. Senate published the most scathing attack on Wall Street, Goldman Sachs accused of market manip
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Voice of the economy, according to reports, the U.S. Senate permanent investigations subcommittee released a report on the 13th, accused Goldman Sachs mislead customers, market manipulation, and condemned the financial system full of greed, inadequate supervision and conflict of interest. This is by far the financial crisis on Wall Street in the role play to make the most severely criticized the official government report.
Goldman accused of misleading customers to manipulate the market report
The U.S. Senate on Wednesday released over 639 reports on the financial crisis in 2008 led to the events put forward their views. Republican Senator Tom Coburn noted that the report in January than in the financial crisis the U.S. government-appointed Commission of Inquiry report released even more blunt instrument.
Senate investigators spent two years there, from Wall Street regulators to 5901 were collected top-secret e-mail and files, and analyzed. While the report did not show proof of the existence of Wall Street institutions public evidence of fraud, but to reveal the daily details of the bold, Wall Street has to beat around the bush to the rapid development from the U.S. mortgage market, profit, and how after a scramble in the market crash to cope with the situation.
Outbreak of the financial crisis more than two years, Congress has rarely hear condemnation of misconduct on Wall Street, lawmakers focused on the financial problems. But in this report, the bipartisan one, launched a strong attack on the financial sector.
This time, the Senate Permanent Investigation Subcommittee, most anger is aimed at Goldman Sachs. Committee Chairman Carl Levin, said Goldman Sachs in 2006 and 2007 the sale of mortgage-backed securities at the same time, short mortgage, the mortgage market collapse, the expense of the interests of their customers to reap a profit.
Goldman Sachs said "no" report
Goldman Sachs today announced a Senate investigation committee report to respond to the statement, the statement said, although we do not agree with most of the report, and we will seriously Committee in its report the issues involved. Not long ago, we completed a comprehensive review of business and standards of practice, announced the results of the review and promised greater efforts to strengthen customer relationships, enhance transparency and disclosure standards, the complex financial instruments to strengthen the review, approval and appropriateness criteria.
And in the declaration attached to their recently published "Business Standards Committee Report", so we see the efforts made by Goldman Sachs.
The Committee recommends that the U.S. financial sector a series of adjustments
The report blamed the object is not only Goldman Sachs, and Deutsche Bank, the former Washington Mutual Bank, U.S. savings institutions Supervision Bureau, and the rating agencies Moody's and Standard & Poor's and so on.
Washington Mutual Bank report cited an internal memo said the bank in 2005, conducted an internal investigation and found that there is "a lot of Piandai" behavior, but even after this survey, their senior management has not taken measures to halt The Southern California network of lenders lending practices.
The report also said Deutsche Bank from 2007 to 2008, earned by shorting the mortgage of $ 1.5 billion, while in another transaction to do more because the loss of nearly $ 4.5 billion.
Next,
The Committee recommends that the U.S. financial sector a series of adjustments. It said that banking regulators should carefully review the mortgage-backed securities, may determine whether there are any illegal, and conflict in the implementation of the ban should take Goldman Sachs as case studies. Committee Chairman Carl Levin said, "We will question the transfer of the U.S. Department of Justice and the U.S. Securities and Exchange Commission."
(Correspondent Lee rain) (Source: China Radio Network)
(Editor: Si Han) |
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