US senators attack ‘snake pit’ structured finance system
Senators Carl Levin and Tom Coburn have compiled a 600 page report placing blame for the crisis on the usual range of suspects, including Goldman Sachs, the credit rating agencies, and the securitisation industry, particularly CDO structuring professionals.
The senators have been chairing a bipartisan investigation focusing on the failure of Washington Mutual, but have also examined documents from the Office of Thrift Supervision, Moodys, Standard & Poors, Goldman Sachs and Deutsche Bank.
"Our investigation found a financial snake pit rife with greed, conflicts of interest, and
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