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March 15, 2010
On March 14, 60 Minutes featured the author Michael Lewis and his new book about the collapse of Wall Street due to the subprime mortgage debacle. The video replay can be found here. In the story, the central villain, according to Mr. Lewis, was Goldman Sachs and how they duped AIG into insuring the CDL subprime mortgage securities. The story essentially blames Goldman Sachs for causing the global financial collapse.
As we reported previously, the bad publicity surrounding Goldman is now a material risk to business and officially listed as such in the SEC documents. Goldman Sachs has a launched a PR campaign. It remains to be seen whether it will be effective.