Goldman Executive Calls One Of The Products It Sold To Clients As "One Shitty Deal"

Well, he was right. It lost 80% of its value in a handful of months. It's good to be a client of Goldman Sachs. Who doesn't enjoy losing 80% of their investment in a few months? I know I do. That might make me feel good enough to take a dive off of the Sears Tower. What would be more fun than that?

Just a quick remark about the Goldman testimony today. I don't know where this will go but Senator Levin's opening remark of about thirty minutes was the most damning remarks of the financial community by a public official that I have ever personally witnessed. We'll see what becomes of it but none of the Senators seemed to be in a particularly good mood and unlike prior testimonies to the banking committees, there was no collegial tone of thanking the banksters for taking time out from their schedule to grace our well-lobbied government officials.

Not all in Congress are behind this massive fraud on Wall Street. Levin, Kaufman and McCain from this panel seem intent on truly reforming Wall Street. In fact, McCain is attempting to bring back Glass Steagall. Something I completely support without exception.

The testimony is live on C-SPAN but it will be available in its entirety tomorrow.