OOOOPPsss!

Washington: Sen. Levin kept repeating what he read in an email from a Goldman Sachs executive concerning the "Timberwolf" deal.("“Boy, that Timberwolf was one shitty deal,”)

Levin asked the former head of the Mortgage Dept. at Goldman Sach," How much of that chitty deal did you sell to clients?"

It became pretty clear some of the senators don't really understand the workings of a
company like Goldman Sachs. This evening it became clear the CEO of Sachs wasn't exaclty sure why the government gave them the millions and millions of dollars,but it wasn't a bad investment for the US taxpayer. The entire sum has been paid back with 28% interest!
Among other things that came to light, one should always remember, if you are buying something that means somebody else is trying to sell it for one reason or another!! Just because a firm is selling assets to customers, that does not mean they themselves are not buying short and "betting" the price will fall. When asked by Sen.Levin, Sparks the head of the Mortgage Dept for Sachs, said it has to do with price. People will buy the so called Chitty deal if they think they can make money.