Senator Carl Levin (D- Michigan) will hold his Goldman Sachs inquisition tomorrow after a weekend of prepping the political battlefield with the release of thousands of GS emails meant to embarrass the investment firm. It is an understatement to say that Congress is frothing at the opportunity to punish a big bank now that financial regulation reform is being considered on the floor of the Senate. Tomorrow’s hearings will likely become even more heated now that the first test vote on reform failed today when Nebraska Senator Ben Nelson (D) voted with a united Republican opposition to the bill. Nelson says he voted against the rule tonight because he hasn’t read the bill. Imagine that.
I find it ironic that Senator Levin has invested so much energy in attacking Goldman, a firm that has invested in the Democratic Party at a rate three times greater than contributions made to Republicans. So consumed is Senator Levin with the Goldman whale he desires to harpoon that he started channeling Sarah Palin when discussing tomorrow’s hearing:
The prepared testimony, though, flies in the face of the conclusions reached by Levin’s subcommittee. “Were they big time short in 2007? You betcha,” (Levin) said. “Despite what they’re trying to say.”
I betcha Senator Levin can see “Ranking Minority Member” on his committee seat from his front porch. That this is little more than a political witch hunt is made apparent by the fact that Goldman Sachs has not yet cost the tax payer a dime, which cannot be said of the two companies domiciled in Senator Levin’s state of Michigan that have soaked the tax payer for close to $80 billion dollars in a political fraud that makes anything Goldman has done look like small potatoes. Was Senator Levin yelling fraud last week when General Motors used Treasury funds to allegedly prepay an $8 billion dollar loan in a transaction that reeked of fraudulent disclosure but was championed by President Obama and GM Chairman Whitacre as a triumph? Tomorrow’s Senate Permanent Subcommittee on Investigations hearing will be another episode of the Kabuki theatre Democrats are hoping will distract voters. That’s not likely though because the skulls full of mush the Democrats really need in 2010 are not paying attention.