John Cusack is slamming Goldman Sachs on Twitter right now.
Looks like last night, Cusack read this Fox Business article about Senator Levin’s proposed investigation of Goldman Sachs for defrauding customers and of Lloyd Blankfein and the other executives who testified before the Senate for perjury.
Now, Cusack wonders if Levin’s investigation is a sham. His friend says, probably. And Cusack agrees.
Background: The SEC charged Goldman Sachs with fraud last year, primarily because they sold investors a CDO named Abacus that they had simultaneously trashed the value of in internal emails. Thomas Montag, a former Goldman exec (he’s at Bank of America now), called Timberwolf, another CDO Goldman sold to investors, a “shitty deal.” Goldman settled without admitting wrongdoing for $550 million, the largest fee ever paid by a bank to the SEC for fraud, but a tiny portion of the profits the firm made from getting “shitty” assets off their book, and hedging or shorting the subprime market.
FWIW, we do not agree with Cusack’s friend. Senator Levin just wrote a scathing report (click here to download it) on the causes of the financial crisis and Goldman Sachs and Deutsche Bank (emails say they shorted the subprime crisis by “duping CDO fools”) were the star villains. In the footnotes, he included tons of juicy details like Goldman’s weird rules and a song a Deutsche Banker wrote about the CDO market to the tune of Vanilla Ice’s “Ice Ice Baby.” During the Senate hearing last year, he said the word “shitty” at least 10 times. One of his favourite pastimes is obviously embarrassing Wall Street execs.
Sidenote: Cusack would do a great Fabrice Tourre.