Goldman executives cheered housing market's decline, newly released e-mails showMitch...? You reading this? How are those 41 signatures lookin' there, boy?
As the U.S. housing market began its epic fall nearly three years ago, top executives at Wall Street powerhouse Goldman Sachs cheered the large financial gains the firm stood to make on certain bets it had placed, according to newly released documents.
The documents show that the firm's executives were celebrating earlier investments calculated to benefit if housing prices fell, a Senate investigative committee found. In an e-mail sent in the fall of 2007, for example, Goldman executive Donald Mullen predicted a windfall because credit-rating companies had downgraded mortgage-related investments, which caused losses for investors.
"Sounds like we will make some serious money," Mullen wrote.
Saturday, April 24, 2010
Sen. McConnell?
Don't look now, but opposing financial reform just got a little harder:
Labels:
Just desserts,
Politics
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