In this session, Jeff Madrick will serve as a discussant. Jeff Madrick is a Senior Fellow at the Schwartz Center for Economic Policy Analysis at the New School, and Editor of Challenge Magazine. He is the author of The Age of Greed (Vintage, 2012, paperback), and a contributor to the New York Review of Books.
The presentation will examine the role of Goldman Sachs in the financial crisis of 2006-2008 and especially during the period between the Summers of 2006 and 2007 when Goldman was ahead of its competitors in detecting the bursting of the housing bubble. The presentation will draw heavily on the mass of evidence on Goldman’s conduct during this period provided by the report of the Senate Committee on Permanent Investigations (the Levin Committee) entitled: ‘Failing to Manage Conflict of Interest: A Case Study of Goldman Sachs’.
There is also further information provided by the Levin Committee’s Hearings on Goldman held on October 27 2010, and the texts of the multiple lawsuite against Goldman brought both by government agencies and aggreived clients. Taken together, these documents, many relying on the million emails subpoenaed by the Levin Committee from Goldman and other Wall Street firms, provide compelling insights into Goldman’s skills in avoiding the pitfalls of the crisis, in exploiting the pitfalls for its own ends, and into its dealings with its clients.