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-- -- I think Fleetwood Mac's exit Tom realize Tommy sweet little lies well it is a song that senator Carl Levin.
The singing about Goldman Sachs and CEO it CEO I keep doing that Lloyd Blankfein they are being excuse.
Of lying to congress about their investments and mortgage backed securities almost a year ago Blankfein had this is it -- subcommittee.
He didn't have a massive -- against the housing market and certainly did not bet against our clients.
Our Elizabeth MacDonald is working the story from the newsroom -- and the ease some.
Very very serious allegations against Lloyd Blankfein but this has to be investigated right yeah that's right Charlie reached out to the department justice and if you see they'd did not return calls for comment.
But we do have.
Documents from the senate panel that senator Levin.
Had -- take a look at these full screens that we prepare you for what it had gone an executive with telling the senate back in April 2010.
We expect of those deals to perform.
To not be downgraded to junk disclosure was good but internal emails behind the scenes said this get out of everything -- on the short side.
Game over a bad news -- -- business totally dead.
Look at the next full screen you're gonna see an email exchange between Thomas Montag is Bank of America and Daniel sparks boy that -- -- was one length deal.
They are the deals to worry about Daniel sparks responded and this is a deal that is being focused on.
Apparently -- according to sources close the -- we got breaking news here.
Thomas Montag extent these emails about this deal Bank of America -- time telling Fox Business.
But Thomas Montag was essentially saying this deal was was really bad for clients was really bad for the firm.
But this -- this is a deal that support to the miniature but senator -- is talking about that is Goldman Sachs shorted 36% of the assets in that deal.
This timber will feel lost 80% of its value within five months time.
It's Shirley went down to junk their territory.
And -- emails behind the scenes of -- Sachs called the deal a day of infamy that David Steele was issued more emails coming -- that.
They say essentially that this deal was the one that -- that investigators going to be looking on at also AIG Morgan Stanley Deutsche Bank involved in Goldman Sachs deal making is done not happy with Goldman Sachs still making.
Put their arms as well back to -- -- Course not list but you know what's hot at meaning Goldman and this is their defense and -- this makes sense to you they're saying look we we -- -- -- -- also law.
This is what we do we hedge our -- that's right -- well this is our business.
Our market I had only eagle there are market maker and it's not a -- with the fact that you know it's illegal is that you have somebody on Capitol Hill right now make of these allegations -- new proof.
Where's the proof I wanna see the evidence right now that you're actually gonna say the people on Wall Street are actually lying in these deals.
And disclosure is not there I don't care what these lines see in these emails we -- said these types of things and we don't know what the -- did get a gist of the of the emails are about anyway.
But you have these guys are just pinpointing these backs and that's -- to trying to -- in and out of the -- or anybody not discrediting anybody buying any instrument in any investment from Goldman Sachs to me is by definition a very sophisticated investor and they don't need some play action cup and Willie -- everywhere that I've made very clear that the thing that I.
Why -- because you Intel -- Goldman Sachs if you're gonna Goldman Sachs person are you wanna deal with the best in the business second -- -- you're the only professional -- already know this stuff.
If there are experts why are you don't want to Goldman Sachs.
Why -- XYZ hedge fund had to do a deal would Goldman Sachs if they are the smartest guys say the people investing and in the in the ECB doesn't that they were not.
Little tiny individual investors they were big institutions and big hedge funds -- big boys and did take care good.
Underneath it ended -- -- -- Cheryl in this deal the senate is saying that essentially Coleman marketed the deal when he didn't get clients in nine states it took it outside the country.
Didn't quote nontraditional.
Investors in Australia and South Korea who were not given the full -- is going to the senate.
That they deserved an -- than -- in reporting on this story the Latin throughout.
When this whole thing blew up Goldman Sachs is telling fox visits we -- relying on the boilerplate language that says you know where essentially you should be aware of the risks involved.
And not that the deal and Coleman's it's telling Fox Business we were true flip their testimony and we actually lost -- -- -- and fifty million dollars on the timberwolves deal alone and another -- -- -- -- that much money Elizabeth -- eminent -- -- you.
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