This is a brilliantly profane exchange in the Goldman Sachs hearing. Carl Levin confronted Goldman Sachs trader Daniel Sparks with an email about “Timberwolf,” one of their deals using mortgage-backed securities. Tom Montag, the head of the division at the time, told Sparks, “That Timberwolf was one shitty deal.” Days later, Levin showed, emails talked about selling Timberwolf, the “shitty deal,” as a top priority. In fact, Goldman sold hundreds of millions of dollars on the deal to investors after that initial email.
In a made-for-Jon-Stewart moment, Levin asked again and again about the “shitty deal,” and Sparks tried to dodge, but the conclusion was clear – Goldman Sachs knew Timberwolf was bad, and yet not only marketed it to investors, but marketed it as a top priority.
Susan Collins, following up, could not get a straight answer from Sparks over whether he thought Goldman Sachs had a duty to act in the best interest of their clients. Goldman is getting KILLED in this hearing. Wow.
UPDATE: I have video via TPM: