Reply #57: Skimpy Coverage of Levin-Coburn Report From WSJ, NYT [View All]

[Demeter]

http://www.cjr.org/the_audit/skimpy_coverage_of_levin-cobur.php


...So here are some of the main things you don’t know about the Levin-Coburn report if you just read The Wall Street Journal and/or The New York Times papers, and missed good coverage by McClatchy, The Huffington Post, and Bloomberg (and a bit of so-so from the FT):

— That Senator Carl Levin, who chairs the subcommittee that release the report, wants to refer Goldman Sachs CEO Lloyd Blankfein and other Goldman executives to the Justice Department for prosecution for lying to Congress and for defrauding investors. Everybody reported that but the two big papers.

Today, in a second-day story, the Financial Times looks at the possibility of a criminal case against Goldman.

— That Goldman screwed a client in a manner similar to how Wachovia worked over the Zuni Indian Tribe, for which Wells Fargo (which acquired Wachovia) had to pay an $11 million fine last week. The Huffington Post has that, reporting that it involved selling a slice of the infamous Timberwolf “shitty deal” for 42 percent more than Goldman had marked it.

— That Goldman’s Hudson-Mezzanine-2006-1 deal, which the Journal got a scoop on a couple of weeks ago, looks like another Abacus, the deal that cost Goldman $550 million...

MUCH MORE AT LINK ON THE VAMPIRE SQUID GETTING HUNG BY ITS TENTACLES