The committee grilled the Goldman Sachs team about their actions in distributing failed sub-prime mortgage securities, packaged as ABACUS 2007 AC1. In addition, the senators intimated that the banking firm deserved a great deal of blame for the worldwide financial crisis of 2007-2008.

Perhaps the greatest effects of the hearing will be an increased public awareness of the pragmatic nature of how Wall Street deals and an additional momentum for a comprehensive financial reform bill.

Senator Levin Seemed Fascinated with an Expletive Used by the Wall Street Pros

As so many Congressional hearings turn out, the charges by the committee members and blunted responses by the bankers was really a morality play - Good versus Evil. Unfortunately, the vital role investment bankers play in American commerce was ignored, replaced by senators hurling brickbats at captive scapegoats.

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