WASHINGTON - Goldman Sachs C.F.O. David A. Viniar patiently explained to the Senate this week how the firm "screwed America."
Using a combination of accounting ledgers, graphs, and PowerPoint presentations, Goldman Sachs C.F.O. David Viniar explained to a sometimes combative Senate subcommittee this week point by point how it systematically led the "complete financial meltdown... of the United States."
"And this," explained Viniar patiently to Sen. Carl Levin of Michigan at one point using a PowerPoint slide, "is how we packaged up all this questionable debt, made sure it got a triple-A rating, sold them off to unsuspecting investors, and then bet against them in the market.
"Then you just do it over and over, and get everyone else involved. It's really about the only way to make a profit off a bunch of junk debt," explained Viniar. "It's all pretty straight-forward if you think it through."
At this point, a dumb-founded Senate subcommittee was struck speechless, except for Senator Levin. "What the fu**?" said Levin, throwing his pencil on the table.
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