As we await the start of questions here at the "Goldman" hearing, I think the briefest of comments from Senator John McCain may have framed the challenge Goldman Sachs has before it.
The senator said there is no doubt that Goldman's behavior in the securitized mortgage market was "unethical."
Does Goldman defend its behavior or admit that certain actions, while legal, may have been unethical?
And will it defend the creation of a market (synthetic CDOs) that the hearing Chairman Senator Levin referred to as nothing more than chips in a "Giant Casino?"
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