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Inside Washington (05/05/2011)
* WASHINGTON (5/6/11)--Sens. Carl Levin (D-Mich.), chairman of the permanent subcommittee on investigations, and Tom Coburn (R-Okla.) formally referred an investigative report that found Goldman Sachs Group Inc. misled clients about mortgage-linked securities to the Justice Department and the Securities and Exchange Commission (SEC), Levin said in an interview Tuesday (American Banker May 5). The 600-page report is the product of more than two years of work by the subcommittee. It includes 19 new recommendations to curb Wall Street excesses and conflicts of interest. In an April blog post, Levin said he expects many of those recommendations to be opposed by the financial services industry. The report found Wall Street firms guilty of “reckless risk-taking and rampant conflict of interest,” Levin wrote in the blog. James Cox, a professor at the Duke University School of Law, said he was doubtful that the examinations by the agencies will lead to new claims against Goldman, which last year paid $550 million to settle SEC claims related to its marketing of collateralized debt obligations …


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