Free Republic

WASHINGTON (AFP) – The Senate will soon issue findings of a probe of the US mortgage meltdown that fueled the global financial crisis, with Goldman Sachs likely to face fresh embarrassment over its role, the Wall Street Journal reported Sunday. The Senate Permanent Subcommittee on Investigations, whose high-profile inquiry commission subpoenaed Goldman's and other executives last year, is due to release its report on the subprime implosion of 2007 and 2008. The paper, citing people familiar with the matter, said the report was expected to release emails from securities firms that developed or sold subprime mortgages and financial vehicles including...

Emails disclosed Thursday showed that the New York Fed instructed AIG to withhold from a securities filing information on the financial institutions that received taxpayer money in AIG's bailout. In other words, AIG was acting as a front for banks getting our tax dollars. The Fed will give cash to the AIG who in turn would give it to the banks. That information remained secret for months, until Congress pressured the Federal Reserve to give it up in March, over the Fed's insistence that doing so would damage market confidence.A week after Fed Vice Chairman Donald Kohn was beaten up...