Wall Street Titans Testify Before The Financial Crisis Inquiry Commission

Filed under: JPMorgan Chase (JPM), Goldman Sachs Group (GS)

Top Wall Street bankers testified before The Crisis Commission whose job it is to find out what went wrong during the financial meltdown. The Chairman of the ten member commission is Phil Angelides,

Mr Angelides grilled Lloyd Blankfein, CEO of Goldman Sachs GS about its practice of first selling sub prime mortgage securities to investors and then selling them short, betting that the securities would go down. Blankfein answered that Goldman did not have a legal obligation to disclose when it was betting against the securities it was selling. In reply, Angelides said: "Sounds a little bit to like selling a used car with faulty brakes and then buying insurance on the driver."

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Wall Street Titans Testify Before The Financial Crisis Inquiry Commission originally appeared on BloggingStocks on Wed, 13 Jan 2010 17:40:00 EST. Please see our terms for use of feeds.

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