American Morning

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April 27th, 2010
05:57 AM ET

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Editor's Note: Welcome to American Morning's LIVE Blog where you can discuss the "most news in the morning" with us each and every day. Join the live chat during the program by adding your comments below. It's your chance to share your thoughts on the day's headlines. Keep in mind, you have a better chance of having your comment get past our moderators if you follow our rules: 1) Keep it brief 2) No writing in ALL CAPS 3) Use your real name (first name only is fine) 4) No links 5) Watch your language (that includes $#&*).

Top reps from Wall Street's most powerful firm will likely endure a harsh line of questioning Tuesday about their role in the financial crisis. CNNMoney.com reports.

Top reps from Wall Street's most powerful firm will likely endure a harsh line of questioning Tuesday about their role in the financial crisis. CNNMoney.com reports.

Goldman Sachs to face tough questions over financial crisis

(CNN) – Goldman Sachs' moment of public flogging is here.

On Tuesday, top representatives from Wall Street's most powerful firm will appear on Capitol Hill, where they are expected to endure a harsh line of questioning from lawmakers about their role in helping bring about the financial crisis.

Much of the focus however will likely center on the complicated mortgage investment Goldman (GS, Fortune 500) sold that is now the subject of a civil fraud suit brought against the firm earlier this month by the Securities and Exchange Commission.

Seven current and former Goldman Sachs executives are slated to appear at Tuesday's hearing. Among them will be the company's current CEO Lloyd Blankfein, its chief financial officer David Viniar, as well as Fabrice Tourre, the 31-year-old Goldman employee who helped broker the now infamous deal that is at the center of the SEC's claim.

Lawmakers will probably show little mercy towards that trio. Here's a glimpse of what types of tough questions they could face. Read more

Prescription for Waste: $863 disposable forceps

When Dr. Linda Galloway learned she needed surgery to save her vision, she scheduled the procedure immediately with her opthamologist. And what an eye-opener it was – when the hospital bill arrived. This morning, our senior medical correspondent Elizabeth Cohen reports for part two of our series "Prescription for Waste."

Sound off: We want to hear from you this morning. Add your comments to the LIVE blog below and we'll read some of them on the show.


Filed under: LIVE Blog • Top Stories
soundoff (78 Responses)
  1. Joe

    All the protesting in arizona about illegal immigrants the law protects americans and green card holders .I would have liked to see how many protesters are legal. Plain and simple if your legal you have nothing to worry about.It's like getting pulled over and showing your drivers license.

    April 27, 2010 at 9:21 am |
  2. BraveyCat

    On illegal immigration. I fully support AZ's quest to guard the border of my homeland and enforce the processes already determined by law. I.e. the enumeration of the Will of the People (Citizens). To the Gov. of AZ, the empirical data is in – over 90% of those coming into our country illegally do so by crossing our southern border and from Latin America, ergo, "what an illegal immigrant looks like" is pretty clear. Moreover, what they sound like, as in, they speak little-to-no English.

    To all the LEGAL Citizens of the US of Latino descent – please stop enabling this situation. Refusing to be part of the solution unfortunately makes you part of the problem and comes with consequences, such as, you may have to prove that you belong here.

    If the Scandinavians begin to sneak into the country in a similar fashion, and all people of Scandinavian descent must be stopped to prove they belong here, I will proudly show my driver's license.

    April 27, 2010 at 9:20 am |
  3. Randall of Texas

    I want to play! I want to play! Tell Goldman Sachs that I want to choose my own investment baby to short when and how I choose to short...tell them it sounds like my bet will be more inclined to make good than buying something someone else created.

    When did I know that the housing market was going bummer? As soon as I finished reading this book after it's release:

    American Theocracy:
    The Peril and Politics of Radical Religion, Oil, and Borrowed Money in the 21st Century
    By Kevin Phillips

    April 27, 2010 at 9:10 am |
  4. Susan Savoy

    Illegals should not be afforded more rights than citizens in this country. As a citizen if the police suspect us of illegal activities we can be stopped, questioned, searched, have our vehicles searched and detained.

    By illegals being in this country they are already doing illegal activities and therefor the police should be able to stop, question, search and yes DEPORT them. As far as splitting up families, parents who are deported could bring their children with them but choose not to. If a citizen is jailed for illegal acts they are separated from their family DUE TO THEIR ILLEGAL ACTS

    April 27, 2010 at 9:02 am |
  5. Chief

    When racism turns to survival, remember only the strong will survive.

    April 27, 2010 at 8:56 am |
  6. jeff milligan, Las Cruces, NM

    If the people in Chicago have let their town go to the point that they need armed forces, then it's their fault. I live in Las Cruces, New Mexico, just 30 miles from Juarez, the most dangerous city in the world. We see none of their crime. Even more telling is that El Paso, Tx has at least 3 border crossings into Juarez, and El Paso is listed as the safest city of its size in the country. This is a local problem and they should have the guts to do what is necessary. If you cry wolf too often eventually no one answers.

    April 27, 2010 at 8:55 am |
  7. YK

    Just for fun analogy:
    Its like 2 friends (or brothers) conspiring over a long time... getting into a deliberate car..accident (everything covered by insurance (taxpayers here) )and then suing each other and making a big killing and sharing that insurance paid (taxpayer again) Money.

    April 27, 2010 at 8:54 am |
  8. jeff milligan, Las Cruces, NM

    Regarding Mr. Chertoff's piece on the mortgage meltdown all I can say is this; where would we be if we had allowed "W" to privatize Social Security? This paints a very scary scenario; does anyone remember how the town was portrayed in "It's A Wonderful Life"- IF Jimmy Stewart's character HADN'T existed? That's where I think this country would be; a nation completely owned by the haves, owing nothing to the have-nots.

    April 27, 2010 at 8:50 am |
  9. Michael Armstrong Sr.

    The medical supply outlets are just as crooked as the hospitals im a heart patient and when I went to buy my blood pressure machine they charged $300 .00 for the same machine Sams Club had for less then $100.00 . and the $300.00 machine wasnt complete .

    April 27, 2010 at 8:46 am |
  10. BraveyCat

    RickfromDetroit: It is my hope that your post is pure sarcasm.

    April 27, 2010 at 8:45 am |
  11. Karen

    I know as a nurse that works in a hospital that doctors can write an order that allows a patient to take their own medications. The medication is sent to the pharmacy for verification. Patients don't know that they can request this. If more patients did this, patients wouldn't be charged the outrageous amount. There would be no charge at all, as long as it's a medication they are already taking.

    April 27, 2010 at 8:44 am |
  12. David Hawthorne

    'The Way Wall Street Works" is by the 'vile maxim' of Adam Smith that has been drilled into our "business culture" since the Enlightenment: “All for ourselves and nothing for other people seems in every age of the world to have been the vile maxim of the masters of mankind.” –Adam Smith. (Yes, that Adam Smith). We have raised generations of financial zombies, that cannot see the fundamental unsustainable logic in Smith's maxim. Have Ms. Romans use her "Numeral" to calculate the economic utility of $100 pumped into the economy as "unemployment compensation" and $100 pumped in as a part of a multi-million dollar bonus to a Wall Street exec.
    Spend the $100 in a local grocery store, and spend it as part of the cost of an Renaissance artwork for a collection. Do the math.

    April 27, 2010 at 8:43 am |
  13. paul Stephens

    Your segment this a.m. on American Morning about the high cost of forceps used in an eye operation missed a very important point and that is the hospitals are forced to use these high mark-ups partly because they need to recoup the losses sustained through services done for people who have no insurance and use the hospitals ER for their medical care.

    April 27, 2010 at 8:40 am |
  14. Dave R.

    $863 for a set of disposable forceps is outrageous when they are $200 from the medical supply distributor. The thing here is, $200 from the distributor is also outrageous for an item that probably costs under $10 to manufacture. If an item has anything to do with the health or medical world, expect to pay outrageous prices.....just because.

    Sad...........

    April 27, 2010 at 8:40 am |
  15. jeff milligan, Las Cruces, NM

    Good morning again; in regards to the way-overpriced medical equipment; we need to remember that the hospitals need to cover the costs of the uninsured that access the ERs. THIS is how not having universal healthcare costs the rest of us. This is just one very obvious example of the cause. If the hospital were compensated for EVERY patient they treat then the costs on such supplies would not need the mark-up. Universal healthcare would solve these issues almost overnight.

    April 27, 2010 at 8:35 am |
  16. jeff milligan, Las Cruces, NM

    Good morning; I am wondering, regarding the Chicago crime issue and the National Guard; has anyone considered the federal ramifications? I will print the federal law that just about prohibits the use of armed forces to act as civilian law enforcement. Granted, the National Guard is under the control of the state governor, but these troops have not been trained for this type of duty; they are trained as soldiers, not policemen. I think this will, and should, go nowhere. D.C. and Houston, among others, have had similar, if not worse, situations over the past 25 years or so and they were able to get a handle on it. If guns were removed from the streets and more strictly regulated as called for in the Constitution, this type of problem would be rare. Read the Federalist Papers for a very clear view of the authors' intent regarding guns, and the regulation of them. The papers were a series of letters and op-ed pieces written anonymously by the authors of the Constitution to be used as selling points to promote ratification. I think this is about as concrete evidence as you'll find concerning the authors' intent..
    Herewith is the federal law:

    Posse Comitatus Act, 1878, U.S. federal law that makes it a crime to use the military as a domestic police force in the United States under most circumstances. The law was designed to end the use of federal troops to supervise elections in the post-Civil War South. The posse comitatus (from which the term posse derives) is the power or force of the county, and refers to citizens above the age of 15, who may be summoned by a sheriff to enforce the law. The act specifically prohibited the use of the U.S. army as a posse comitatus; the prohibition was later extended by legislation to the air force and by government directive to the marine corps and navy. The restriction does not apply to the coast guard during peacetime or the national guard when it is under state authority. There are legal exceptions to the law, particularly in aspects of drug law enforcement, in emergency situations, and in cases of rebellion.

    April 27, 2010 at 8:25 am |
  17. David Hawthorne

    The charges and counter-charges of racism are childish. Race is one-fiber in a fabric of fear, along with economic decline, terrorism, crime, oppression, injustice, and a million other threads. Deal with this as an "international problem". People, wherever they are, are not willing to spend their entire time on Earth in abject poverty. Economic migration began before there were borders and continue. All species engage in it. Human have concepts like 'border' and 'laws'. Nations must work together to manage migration. US and Mexico should show the way. Operate jointly. Help Mexico control its borders so that it is less of a transit point for all of Latin America, Take care of the business here, and turn police, military, and legal apparatus to focus on barring illegal immigration, and facilitating legal migration.

    April 27, 2010 at 8:23 am |
  18. MeLoN

    The "War on Terrorism" needs to be brought home and used to exterminate the gangs running wild in the US. Jobs and education will cure the problem in Chicago and other big cities.

    April 27, 2010 at 8:22 am |
  19. Michael Armstrong Sr.

    Im surprised the Jews have not already bombed Iran thats what we should have done under Jimmy Carter .

    April 27, 2010 at 8:21 am |
  20. Greg P

    Working middle class American's are frustrated by the facts that half of all American's pay no tax and the upper 1%, while paying a lot of tax, control the opportunity of the rest of us to invest and earn in a fair and transparent process. The core (read working class) American worker is under attack on all fronts. We are the major source of government revenue paying for all entitlements; We are under constant pressure from our employers to do more for less; And, as we try to participate in our own futures, the playing field is controlled by the elite who use our money to disproportionately enrich themselves while leaving minimum returns to the very people (read working class) who make the system operate.

    April 27, 2010 at 8:20 am |
  21. Michael Armstrong Sr.

    Chicago and economics is bull this problem has bean there for years before things went south and the military will not come just to watch .

    April 27, 2010 at 8:15 am |
  22. Jeff

    Chicago and the national guard:

    Different than Kent State. Kent State: protests against the war but no murders. Chicago now: more than 100 murders. Murder rates will not change with money. Is someone really advocating paying a would-be murderer to not kill. General strain theory is not the most significant piece of the puzzle.

    April 27, 2010 at 8:15 am |
  23. Frank

    It is becoming obvious that nothing is done to heal our scars, and restore economic prosperity to where it was before the crisis began. This is reminiscent of the great depression, when no cure seemed to be working and a strong national or patriotic sentiment was deemed to be the most appropriate cure. We all know, what ensued and what caused the post war economic boom. Never before, did I believe that history would repeat itself, but it seems that I was not thinking straight. I hope that we are all taking notes, as one day we are again be saying that the blame should be borne by all. It looks like entire U.S. population is ready to go to war against one another, can CNN tell me what is brewing up in the rest of the world and if there is one place were I can find refuge from it all.

    April 27, 2010 at 8:13 am |
  24. James

    Is Goldman Sach's the main trouble? Didn't the Federal Government have someone checking, why didn't they do their job? Isn't this sort of like Martha Stewart? The coal mine in WV, Federal inspectors where involved. FRA is another Federal inspectors program, they used to not do their job. Sounds to be me like a lot of payoff to turn heads. Break laws or do anything if you have the money.

    April 27, 2010 at 8:10 am |
  25. Jay B

    Regarding Goldman-Sacs, the execs there knew what wrongs they were doing and will only lie about them under oath, like the tobacco CEOs did. They deserve the same punishment such people would get if we were in communist China, considering they did more harm to our country than Osama bin Laden ever did – and got rewarded by none other than our govt. yet. Birds of a feather do flock together.

    April 27, 2010 at 8:09 am |
  26. Jan

    I find it extremely interesting that the government brought the Goldman issue to the forefront the FrGday before the Wall Street "Reform" discussion was to be brought to the floor of the Senate. When will our Government stop playing politics and start governing?

    April 27, 2010 at 8:07 am |
  27. Michael Armstrong Sr.

    I dont understand why all the C.E.O.'s at wall street were left standing after what they did to our country the whole bunch of them should have been fired and put in jail .

    April 27, 2010 at 8:06 am |
  28. Fred

    II've been following this story on CBC also. It is fascinating. It's almost as though YOUR story has become our story! It seems to me that most people don't really understand the financial world and so the average person gets lost in the terminology. Thanks for making it more intelligible and understandable to the layman.

    April 27, 2010 at 8:00 am |
  29. RickFromDetroit

    The solution to illegal immigration, identity theft, fugitives, online banking, online records, online voting, paperless money, and the electronic future is to consolidate the state drivers licenses into a National ID Card and require everyone to have one. The ID Card would have finger prints and digital picture and would be required to obtain a passport into the country.
    Once implemented, a "crackdown" could be implemented at all retail stores by requiring ID for all purchases.

    April 27, 2010 at 7:56 am |
  30. dave

    Cohost called Obama a "devoted White Sox" fan when the President could not name one SINGLE White Sox player in an interview. Kind of reminds me of the Sarah Palin/Katie Couric interview. Obama can always count on CNN to overlook things like this and go along with the White house script and talking points. And you wonder why Fox News has the highest ratings in every segment. Probably because they actually are willing to :gasp: criticize Govt instead of spew propaganda like CNN!

    April 27, 2010 at 7:55 am |
  31. Michael Armstrong Sr.

    It's terrible when ever America lets Muslims control our freedom of speach with death threats just how long are we going to put up with this .

    April 27, 2010 at 7:54 am |
  32. john doe

    Ok, here's an idea, everyone send me a couple of dollars and I'll go to goldman's and I will invest the money!!! Anyone with a better idea, let's hear it!!! USA is the way!!! Never give up son!!!

    April 27, 2010 at 7:54 am |
  33. Isawa Kumo

    On Goldman's Greed – They have fueled their greed with the American people's livelihood long enough. Let the wrath of Congress fall upon them...at least until Goldman's lobbyists buy off enough senators to bury the issue....again.

    On Outrageous medical costs – Every time someone goes to the hospital and can't (or won't) pay, the hospital has to eat that, or transfer that cost to everyone who can/will pay. Fix the problem, not the symptom.

    On Racial Profiling in the Arizona Law – Be realistic for a moment. Arizona's only national border is with Mexico, and all of Central and South America beyond. It is therefore reasonable to assume that the vast majority of illegal aliens will be of Latino descent. I can safely state that there aren't many, say, Italians sneaking over the border.

    April 27, 2010 at 7:54 am |
  34. Barb - Canadian

    Re: The Arizona Immigration Legislation...

    Yes, this will affect Arizona's economy.

    As a Canadian Snowbird I am sure that those of us who contribute to this State's economy for six months of the year, do not want to be placed in the position of possible profiling -( some of us are dark-haired, brown-eyed you know). In order to get to Arizona we have already produced documents at the border, and do not carry them with us at all times (for security sake).

    Do not tell me, though, that in this State just showing them will take care of all. After all.... this State is the one with legislation mandating that President Obama will have to prove his citizenship before the next election, He has a birth certificate which is not readily accepted. So... if you can't take your own President's documentation... what about mine?

    Florida looks like a much better place now to spend my dolllars.

    April 27, 2010 at 7:53 am |
  35. dave

    Hello, I just heard the discussion of the refried beans smeared in a swastika, lasted 30 seconds and I didn't hear the cohost once use the term racist. I guess CNN agrees with the Al Sharpton comment that only white males can be racist. How is this incident not racist, it's stereotyping white people based upon the fact that they are white and essentially calling them Nazis for wanting to control the border which is what 70% of America wants. Sad that your hosts cannot possibly be objective even in an incident this extreme yet they can brand the entire tea party as racists several times per sentence because one person MIGHT have uttered an epithet (nobody has proven it).

    April 27, 2010 at 7:49 am |
  36. MeLoN

    Come on CNN.. you report how people are against the new law in Arizona but fail to mention that MOST Americans like the law and feel that more should be done to combat the invasion of illegal aliens.

    Anything that Al Sharpton supports has to be wrong. Sharpton is a racist to the Nth degree.

    April 27, 2010 at 7:45 am |
  37. john doe

    The rich feedind on the rich!!! They make billions and give nothing back, education on the verge of failing, gas over 3 dollars, but they seem to think We like paying taxes out of our paychecks, now you are taking the food off our tables!!! Ever try to work hard when you are hungry??? No, cause you have billions!!! USA is the way!!!

    April 27, 2010 at 7:43 am |
  38. Scott Stodden

    I love and watch American Morning each and everyday John and Kieran your the best! Iam angered about what Goldman Sachs has been accused of just like everyone else is but Fareed Zakaria even said on Sunday morning what is wrong with betting? Wall Street has been doing this for years from what I understand, yes I believe that we need financial reform for Wall Street but Im with the Republicans on this one because this financial reform bill does not hold these people accountable if they need to be bailed out again, is this the best financial reform bill we can come up with or can it be tougher? I say it can be tougher and it should be! It really does amaze me though that when we need jobs as bad we do in this country we're arguing about financial reform, immigration reform, health care and blah blah blah where are the jobs Mr Obama? That is the question!

    Scott Stodden (Freeport,Illinois)

    April 27, 2010 at 7:42 am |
  39. RickFromDetroit

    Wall Street has moved well beyond a casino, it is a backroom gambling parlor run by a bunch of gangsters.

    April 27, 2010 at 7:41 am |
  40. linda chandler

    The Republicans continue to amaze. You would think the state of the country they would band together to get things done but no they continually balk at anything Obama and the Democrats do. Seems like we have a bigger problem than health care. The political situation in our country is not working. McCain being the worst of the bunch. Thankfully he isnt the president.

    April 27, 2010 at 7:41 am |
  41. Michael Armstrong Sr.

    CNN bloged out all the remarks last night also between Al and I and I never thought that Al Sharpton would ever be bloged out like that this man is old school and a trouble maker .

    April 27, 2010 at 7:39 am |
  42. Eliza

    Prescription for Waste: Wish you would present more balanced stories. Hospitals ARE businesses and do have to turn a profit. Price discrimination is neither illegal nor immoral. You compared the markup on a single person's bill – which COMPLETELY omitted the fact that hospitals CANNOT turn away emergency care for uninsured and underinsured. Where do you suppose they cover those costs from? Good hospitals pay doctors well – more than the "government" regulated prices...that also somehow has to be covered. I am sure there's a series of similar "unknown" costs that don't show up on your bill. Perhaps you'd like a line item for "uninsured coverage"? Its basic economics...if they're truly overcharging...perhaps your reporter can drill to the bottomline and prove fat hospital margins? Basic economics rather than crude appeal and sensationalism would be helpful training for your reporters.

    April 27, 2010 at 7:39 am |
  43. MeLoN

    McCaskill is spewing the typical political garbage that all politians spew. This from the party that forced health care insurance "reform" down the throats of Americans – without any consideration that most Americans don't want to increase profits for the insurance companies.

    Democrats – like Republicans – are only out to line their pockets on the backs of taxpayers but don't actually care about the American people.

    April 27, 2010 at 7:39 am |
  44. Martin Roberts

    I can't believe the news item on cost of instruments hasn't been challenged before. I have worked for many medical companies who manufacture products for very little cost and sell them to hospitals for HUGE profits, lierally making thousands of dollars in profit.
    Its not always the hospital at fault, but manufacturers have some blame in the process for their own greed also.

    April 27, 2010 at 7:38 am |
  45. George Smith

    I feel bad the people of Miss .But Governor Haley Barbour who spoke at a Tea Ralley agains Fed taxs and Gov involvment now has her hand out .She declared a State of Emergency to receive our tax dollers. I guess you can have your tea and drink it to.

    April 27, 2010 at 7:37 am |
  46. Ill Doctor

    Re: Hospital Costs
    e.g medications: the inflation is due to the check and recheck as well as dispensing fee. Your pharmacy charges a % basically for the state certification process – of the personnel as well as the entire process of dispensing as required by law – the records and checks that you are getting what is prescribed (what they once would have compounded) that meets FDA requirements for purity and safety.

    The hospitals must also check and recheck the medications ordered, get them dispensed and then administered to you. What is the cost of having a pharmacist and a nurse available at that time – meaning 24/7?

    Similarly, markups ar in part due to the "quality control" – process and documenting that process – as demanded by the OIG, JCAHO and others.

    As much as I hate to admit it, the analogy with a restaurant is not bad. You cannot bring in your own wine in many places, you can not bring in your own food either.

    April 27, 2010 at 7:35 am |
  47. Tom, Vermillion, Ohio

    Health Care Reform, Insurance Reform, Education Reform, Financial Reform, Immigration Reform, Energy Reform and "so on". In other words, all this "reforming" going on with little or none actually being accomplished. So what's screwing up the works? It's the mixing of "Politics" and "Economics", it is this what has to be changed. Too few people are making the bulk of the money, while the remainder go without adequate incomes. Politics is an "idealogical term" whereas economics is a "mathematical term". Separate the two and the solutions become relatively simple. It always comes down to money and its fair distribution. The new system whatever the final form can be "self-regulating", however it always must be "controlled".

    April 27, 2010 at 7:35 am |
  48. Steve

    If you followed the forcepts back to the manifacurer they probably cost less than $50 to make. Furthermore these can be seralized and reused. so what makes you think your not paying $800 for a product that has been sold sevseral times?

    April 27, 2010 at 7:34 am |
  49. paul f

    heathcare costs reports is narrow and and one sided.

    what costs does the hospital incur unrealed to providing health care?

    How many attorneys and administrators are needed to fight lawsuits vs. the hospital?

    How are costs caps placed on services made up (passed on)

    a little, no more depth in reporting is needed

    April 27, 2010 at 7:34 am |
  50. Ralph Beach

    Hospitals are just getting away with the outrageous charges and noone cares to really do anything about it. I guess officials are getting thier pockets lined enough to keep quite

    April 27, 2010 at 7:33 am |
  51. MeLoN

    Obama's health care insurance "reform" bill only helped increase profits and business for the insurance companies that are a major cause of the problem that we as a nation face today but did very little for the American people or society as a whole. What the country needs is health care "reform".

    April 27, 2010 at 7:28 am |
  52. Ralph Beach

    Like the gop is any better?.!

    April 27, 2010 at 7:28 am |
  53. Frank

    Despite your best efforts to sell us GS goodwill, I am not buying it. The odds that heads will turn up 50 times in a row when tossing a coin is decimally small. Yet, if you want to tell me that on the next toss the odds are fifty-fifty, you must be thinking that I am a fool. GS ultimate goal is to make money, and crossing the line to achieve their goal is par for the course. The sample of possibly incriminating e-mails is rather small considering the volume, you have said, who leaves behind a paper trail unless they are looking to be caught. Not have enough precedents yet, to believe that investors and customers can be taken to the cleaners, go on an interview some of the defunct Enron pensioners that are now financial wiped out. Denying the obvious will lead to will not change the outcome and just accentuate the fall of the empire. You may try to put a spin on things, faith and trust with money managers is broken and the consequences will be felt sooner or later. The king is dead long live the king.

    April 27, 2010 at 7:24 am |
  54. Barry

    Some commenters are saying that if Goldman Sachs bet against the mortgage backed securities they created but did nothing illegal, then Congress should not be investigating them. They don't understand the role of Congressional hearings. Congress needs to know whether the laws are adequate. If what they did is legal but reprehensible, Congress may want to enact laws that make doing that in the future illegal.

    Congress has no role in prosecuting criminal activities. If anything, Congressional investigations sometimes can make it harder for prosecutors to get convictions if Congress grants immunity in exchange for incriminating testimony.

    The SEC, on the other hand, claims that Goldman committed fraud, and the courts will have to decide whether or not Goldman is guilty of breaking existing law.

    April 27, 2010 at 7:22 am |
  55. MeLoN

    @ Marquis... you spew the typical Democratic spew without knowing the facts. The GOP isn't against Wall St reform.

    It is people such as yourself that is the biggest problem as to why nothing gets done/fixed. You are worse than the GOP in all ways.

    April 27, 2010 at 7:16 am |
  56. george risha

    Your segment on goldman-sachs was explained by your guy in terms that the SEC could understand. GREAT JOB !

    How did Fox let you get away I don't think you switched for the money.

    April 27, 2010 at 7:16 am |
  57. Barry

    Why is Congress just investigating Goldman Sachs? Investigative reporters got evidence of other financial companies who manipulated creation of CDO's to make sure that the CDO's would fail. Public radio's This American Life, Planet Money, and ProPublica accused a hedge fund called Magnetar of persuading banks' CDO managers to load the CDOs with the worst types of mortgages. Then Magnetar bought insurance from AIG for more than they invested in the CDOs they bought from the banks. When the CDO failed Magnetar got big bucks from AIG. That caused AIG to lose money and resulted in the first bailout.

    April 27, 2010 at 7:10 am |
  58. Ralph Beach

    The way Hospitals charge so much is just wrong...the gov should take over and control it like they do everything else!

    April 27, 2010 at 7:08 am |
  59. John Wersyn

    Regarding Goldman Sachs and hedge funds and all that money that they "made". Since a business like Goldman Sachs does not build or create anything, it seems that the money they "made" actually came from others. As I understand it, these hedge funds "make" money by placing bets on the markets. What they are is a highly skillful gambling operation. With that in mind, for every dollar they "win" there must be someone who lost it. I would like to see some reports on who is actually losing the money that hedge fund industry people like Goldman Sachs are "making." Could CNN determine where all those profits that are being "made" came from? Out of whose pockets? This would be interesting information.

    April 27, 2010 at 7:05 am |
  60. Sue

    I am so fed up with the entire scapegoat culture we've developed. What Goldman did was not, and is not, illegal. The instruments they created did not create the crisis (which, if we're honest about it, was caused by everyday Americans borrowing more than they could afford.). We're completely schizophrenic in this country. We're terrified that providing access to health care is somehow socialist, but when a company like Goldman acts in accordance with capitalist principles, we raise an uproar. And don't even get me started on Congress...

    April 27, 2010 at 7:03 am |
  61. Chris from Commack, NY

    Nobody should worry about Goldman Sachs. They will always be protected because as far as wall street is concerned they are the most important stock that trades.

    April 27, 2010 at 7:01 am |
  62. Ralph Beach

    I feel that Goldman only saw the dollar signs and nothing else and screwed themselves in the end!

    April 27, 2010 at 7:01 am |
  63. steve crooks

    blah-blah-blah there is only one queation....did goldman sachs do anything illegal? if so can they be prosecuted, all the rest is only news hype! g.s. is a financial institutuin to make money.period .it is not to create a consciencs.itis not a moral barometer. some one made a lot of money i bet they are not happy or questioning gs procedures.

    April 27, 2010 at 6:58 am |
  64. ed from Chicago

    Like tigers hunt, corporations relentlessly pursue profits. It's not behavior, it's their essence. And, government is a parasitical partner, fueled by the corporate money. That's why a group of politicians can't be assembled to do real battle with corporate predators. First, we have to get the money out of political campaigns, then we can reasonably expect government to deal with corporate abuses.

    April 27, 2010 at 6:55 am |
  65. Marquis

    Don't know why the party of no is going against the grain. I think they will be pressured through the testiomony of Goldman. 65% of all Americans approve of reform. Why does it take a grilling and more tax money for the party of no to reach an agreement. I would love to see a report with Senators and ties to Goldman

    April 27, 2010 at 6:53 am |
  66. ray

    I just watched what seemed like a fifteen minute BULLSH__ spill on craigslist and about a two minute spill on the possible war between Israel and Iran. Who gives two craps about craigslist. Glad to see once again CNN has its priorities in order.

    April 27, 2010 at 6:47 am |
  67. Bob in Florida

    The Goldman grilling is just for show. But it has a positive effect on trying to move the Financial Reform process forward. The Dems are going to keep bringing the bill up for vote. The Repubs are going to keep saying NO, for a while. The continuous NO response to virtually any Legislation, will likely take a toll in Nov. The American people are disgusted with a Senate in lock down.

    April 27, 2010 at 6:46 am |
  68. MeLoN

    The US needs to stop blindly supporting the terrorist state of Israel. Let Israel attack and fight any country they want to – just not with US made weapons or the backing of the US. The US should be over the "guilt" from WWll by now. The US owes Israel NOTHING.

    April 27, 2010 at 6:37 am |
  69. robdal in TX

    Regarding Goldman Sachs, where there is a will there is a way! Unfortunately their creative actions favored few and devastated many!

    April 27, 2010 at 6:36 am |
  70. paul f

    did goldman cause the mortgage meltdown or did they jusy profit?

    somebody somewhere spend some time and look at how the feds helped cause the meltdown – Congressional pressure on freddie mac and fannie mae???

    profit is not bad

    April 27, 2010 at 6:33 am |
  71. PJ Parker

    The biggest problem the legitimate news media and the POTUS have in their attempt to reach the average American is the term “banks”.
    People know what banks are, and they know they have atm’s and make loans and have money markets, etc. So, people fear banking reform, because they like their banks. That’s one subject they think they understand.
    The second subject (in the mind of Average Joe) is mortgages. That comes from a mortgage company, and as long as Joe keeps his head down and pays on time, all is well.
    Wall Street is somewhere in NYC. Goldman Sachs is some fancy business that works with rich people. It has to do with stocks and corporations. The average person (think blue collar and junior college) has no interest in this “third subject” they do not understand.
    The challenge is to inform the public in a way that will give them the current news while simultaneously making the link between Wall Street and Main Street. The right-wing biased noise machine will not make that connection because it does not further the Republican and Wall Street agenda.
    Allen Chernoff made a valiant effort this morning, and Candy Crowley also tried to sum it up on the web yesterday. It’s understandable to people who ‘get it’, the way the banking system works. Average Joe needs a primer, and you cannot do that in three minutes. Joe does not have a basic understanding of the financial industry. You need an infomercial.

    April 27, 2010 at 6:27 am |
  72. Gerry Curran

    Why not investigate the Senators on the finance committee to see if they or their immediate familys profited from any of those "fancy" derivatives?

    April 27, 2010 at 6:21 am |
  73. Gail

    As a person who worked on Wall Street, I have a perspective that most people do not.

    I once asked why there were so many convicted felons working there. The reply "If you can steal from your grandmother, you can steal from anyone."

    I have seen people who embezzled, people who traded for their own accounts on inside information and people who have traded in wildly gyrating stocks and put the winning trades in accounts of family members while sticking the losing trades into the accounts of the unsuspecting public. There were never any prosecutions. Why? If the firms reported the misdeeds of their employees, the firms would be investigated and the people would lose confidence in the markets.

    April 27, 2010 at 6:13 am |
  74. Shelley

    Regarding Goldman Sachs, can you all go more into depth on this investigation that the European Union and Britain are doing? I'm interested because I heard that they invested against Greece recovering economically – and now that it's happened the EU has to bail them out and they are close to another civil war – all because Goldman invested against their recovery? And surely investors didn't know they were investing against the recovery of an entire country.

    April 27, 2010 at 6:13 am |
  75. Dennis Blair

    The US constitution protects our citizens it does not protectect Illegal alliens, visitors or terrorists. Even if they have a child here, that child is not an American Citizen! SORRY you are Illegal also. To Al Sharpton, As a police officer in Tx we ask people every day for identification! Durring that encounter if if you believe the person is here illegal they need to be jailed!

    April 27, 2010 at 6:11 am |
  76. Robin Sims

    The Goldman situation and our economic collapse in general was caused by individuals such as the Goldman executives that place their single focus onl greed and profit, but place no importance on patriotism or decency.

    April 27, 2010 at 6:10 am |
  77. Sargeant

    Amazing, we grill wall street when they loose our money, and we grill them when they make us money.

    April 27, 2010 at 6:10 am |
  78. MeLoN

    Good Morning CNN!

    If Goldman-Sach did anything illegal they should be prosecuted to the fullest extent of the law but if they were just better at playing the game as the game was sit up – change the rules of the game.

    The US still needs health care reform... not just health care insurance "reform". How about some "reform" that actually helps the American people this time?

    April 27, 2010 at 6:05 am |