Senate Berates 'Unethical' Goldman

Goldman Sachs took its lumps on Capitol Hill today, with the Senate investigations subcommittee berating it for taking positions against the securities it was selling. After a brief protest from Code Pink, chairman Carl Levin began the hearing by saying Goldman had treated its customers "not as valuable customers but as objects for its own profit.” Susan Collins followed up: “Clearly, this system must be reformed,” she said, “so that Wall Street banks do not act as unscrupulous operators who seek to profit from the public's misfortune.”

“I don't know if Goldman has done anything illegal,” John McCain said, but “there's no doubt their behavior was unethical, and the American people will render a judgment.” Dan Sparks, the former head of Goldman's mortgage unit, responded to the barrage by saying he was just managing risks, and often couldn't even tell if the firm was long or short on the market. You can follow the action on the New York Times' liveblog. (More Carl Levin stories.)