Report: 'Financial Snake Pit' Helped Spur Crisis

Documents unveiled by Sens. Carl Levin and Tom Coburn show, they believe, that Goldman Sachs bet against the mortgage market in an effort to profit when the market went south. The lawmakers contend that Goldman was designing, marketing and selling mortgage-backed securities such as Timberwolf that created conflicts of interests with the investment giant's clients because the firm would profit when the risky loans went sour, while the clients -? unaware that Goldman was betting against the same loans -? would suffer substantial losses.

Source: http://feeds.abcnews.com/click.phdo?i=194e48265b0b76f80260ef53fbeffadf

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