American Morning

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April 27th, 2010
07:00 AM ET

Goldman's tangled investment web

(CNN) – The top boss at Goldman Sachs, CEO Lloyd Blankfein, heads to Capitol Hill today to testify. His company is under fire and accused of fraud.

Blenkfein's opening remarks have already been released. We know he'll argue that his company did not mislead investors and did not bet against the housing market. Our Allan Chernoff joined us on Tuesday's American Morning to break it all down.

CNNMoney: Goldman Sachs to face tough questions over financial crisis

Filed under: Business
soundoff (6 Responses)
  1. greg osborne

    I saw your questing of Senator Levine on this issue and it is good you are tough on politicians. But It seemed you were questing the very process of accountability. Although many people, including the individuals themselves that took out bad loans(American People) are to blame Goldman appears to have been knowingly duping their customers into investing in their bad securities. This would be akin to Toyota knowingly producing cars with known defects, not telling their customers until they were caught red handed..... oh wait a second that did happen. see my point?

    April 28, 2010 at 8:59 am |
  2. Disgusted

    These young men (and yes, it's mostly men) are filled with greed and hubris. They look their noses down at the Congress and the general public because they think we don't understand what they are doing and most don't. But just because you are smart doesn't give you carte blanche to run amok in the stock market. Their lack of concern, or some sense of humility about the affect they had on the housing market, especially for those who lost their homes, underscores their sense of entitlement. This is a prime example of the "Gordon Gecko" syndorome in spades.

    April 28, 2010 at 8:47 am |
  3. luo ruz

    Our enemies are not in the middle east. they are on wall st. and senators like mitch mcconnell, and john boenher. these people are stifling the usa in a big way.All the lugheads at cnbc and msnbc are siding with wall st. and goldman sachs. our country is really becoming decadent.

    April 28, 2010 at 7:48 am |
  4. valerie

    Don't you think the citizens of USA should be told ther truth about cap and trade? Why aren't you telling people about Goldman Sachs, Obama, CCX, Al Gore and and Raines(formerly freddie/Fannie) and all the money invested and how the citizens will make these corrruption pay for them on the backs of citizens? Shame on you, just close up because you are not a news organization

    April 27, 2010 at 8:03 pm |
  5. Smith in Oregon

    There is nothing tangled about Goldman Sach's practices. They allegedly packaged investment instruments they knew would fail, their managers promoted that instrument as a AAA rated safe investment and sold that as a AAA rated safe investment to overseas investors looking for a good but safe return on their multi-million dollar investment. AND then Goldman Sach's alledgedly went and placed a SHORT on that investment in case it failed. It certainly appears they KNEW IT WOULD FAIL and therefore what they did appears to be entirely ILLEGAL and entirely UNETHICAL.

    The Only Tangle here is the Governments list of mega corporations which they list as 'To big to fail' and 'To big to charge with Federal Crimes'.

    What? You didn't know about 'To big to charge with Federal Crimes'?

    Yes, when a corporation that is so large it is deemed a Strategic Asset to America which would cause enormous repercussions if it suddenly was shut down or closed their doors as in the case of the owners and management being sent to Federal Prison for a very long time, That Corporation is deemed to Big to Charge with Federal Crimes!!!

    Recently the list of 'those' corporations increased with the addition of Pfizer Pharma whom US Justice was posed to charge with many serious Federal Crimes and then determined they also were 'to big to charge with federal crimes', go figure!

    April 27, 2010 at 5:37 pm |
  6. al mackenzie

    You have to be dirty to succeed in Wall Street. Are you really very surprised by this fact? I am down 20 000 and its not coming back. I dont play the market anymore because I am the stupid money...the money that gets lost in the market. I dont contribute to mutual funds anymore. It will just end up in the same place. I will then be one of those shareholders demanding profits...I dont want to be that person. I am buying real estate in an area that I want to retire to. Not to resell but to rent. That will generate some cash flow and give me something to do. I make sure that the properties are at least 250ft above sea level. When Antarctica melts from climate change ( caused by the demand for more money) I will have ocean front property. Stay dry...move up high.

    April 27, 2010 at 8:52 am |