WASHINGTON – Sen. Carl Levin, D-Mich., chairman of the Permanent Subcommittee on Investigations, made the following statement today regarding the SEC’s proposed settlement with Goldman Sachs:
“Goldman played fast and loose in the Abacus deal, misled its clients, and got called on it today. A key factor in the settlement is that Goldman acknowledges wrongdoing, in addition to paying a fine and changing its practices. I hope the Goldman settlement together with the new financial reform law—which prohibits additional unethical practices and conflicts of interest—signal an end to the abusive practices that contributed to the 2008 financial crisis and the beginning of needed Wall Street reforms.”
###