If there’s one thing we’ve learned today, one thing, it’s that Michigan Senator Carl Levin REALLY doesn’t like the fact that Goldman Sachs (GS) could have had positions that were directionally opposed to its clients.He’s been talking about it all day, from his opening soliloquy to his late-night questioning of Lloyd Blankfein, which is running well over 3 hours.
Levin is making perfectly clear that the point of this hearing is to bolster the case for financial reform, and he’s even talking about new amendments — specifically he promises a vague amendment that would go after this conflict of interest and go after the ratings agencies (a class of companies that are basically untouched under the current incarnation of Dodd).
We really don’t know exactly what he has in mind.
Whatever he plans, hats off to Levin. He is a monster and while others have long left the building, he’s been there the whole day.