Bipartisanship is much-discussed but seldom on display in the nation’s capital. Today, we see a significant exception. A U.S. Senate panel has issued a report that accuses Goldman Sachs and other major financial players of self-dealing in the runup to the financial crisis that shook the global economy. Sens. Tom Coburn, R-Okla, and Carl Levin, D-Mich., issued a joint press release on their findings.
You can also get to the full report of more than 600 pages by following the links listed here, on the website of the Senate Permanent Subcommittee on Investigations.
While news accounts of this report tend to focus on Goldman, there is also a lot of unflattering post-mortem on Washington Mutual, the giant mortgage lender that became one of the biggest casualties of the real estate bust. The report underlines WaMu’s risky mortgage lending practices, and the failure of federal regulators to curb those practices, even though people within the bank itself were trying to warn top management about the danger.
Levin also accused some financial executives of making misleading statements when they testified before the panel. Roger Clemens is awaiting trial on similar charges.