ThinkProgress Logo

Stories tagged with “Mark Levin

Justice

Key Senator Calls For Criminal Investigation Into Goldman Sachs’ ‘Shitty Deals’

Yesterday, a Senate subcommittee investigating Wall Street’s role in the recent financial collapse released a massive, 639-page report documenting the role mortgage lenders, investment bankers, and insufficient regulatory checks on Wall Street played in creating America’s worst economic disaster since the Great Depression. But this congressional investigation could lead to much more public scrutiny into one of Wall Street’s biggest players. In a statement announcing the report’s findings, subcommittee chair Sen. Carl Levin (D-MI) suggested that Goldman Sachs could face criminal charges:

Sen. Carl Levin (D-Mich.) said on Wednesday that he plans to refer Goldman officials, and potentially officials from other organizations, to the Justice Department for possible prosecution and to the Securities and Exchange Commission for possible civil proceedings.

“In my judgment, Goldman clearly misled their clients and they misled the Congress,” said Levin, the chairman of the Senate Permanent Subcommittee on Investigations. [...]

Levin said prosecutors should look at not only Goldman’s statements to the public about its investment products, but also the statements officials made to Congress. Goldman officials, including chief executive Lloyd Blankfein, gave testimony that was “inaccurate,” Levin said. It is a crime under federal law to make a false statement to Congress or to obstruct congressional proceedings.

Levin’s investigation drew headlines after he grilled a top Goldman executive for continuing to push investors to purchase an investment that Goldman described as a “shitty deal” in its internal emails. As the Levin report explains, Goldman’s management “sent out numerous sales directives or ‘axes’ to the Goldman sales force, stressing that [selling the shitty deal] was a priority for the firm.”

This deal was just one example of Goldman “profit[ing] from the failure of many of the…securities it had underwritten and sold.” As the report explains, Goldman frequently touted securities that it expected to fail to outside investors, and then bet against those securities by taking a “short position” on them. In total, Goldman “generated net revenues of $3.7 billion” by betting against securities, while their alleged victims were left with an investment that was worth only a fraction of what they paid for it.

Economy

Key Senator Calls For Criminal Investigation Into Goldman Sachs’ ‘Shitty Deals’

Yesterday, a Senate subcommittee investigating Wall Street’s role in the recent financial collapse released a massive, 639-page report documenting the role mortgage lenders, investment bankers, and insufficient regulatory checks on Wall Street played in creating America’s worst economic disaster since the Great Depression. But this congressional investigation could lead to much more public scrutiny into one of Wall Street’s biggest players. In a statement announcing the report’s findings, subcommittee chair Sen. Carl Levin (D-MI) suggested that Goldman Sachs could face criminal charges:

Sen. Carl Levin (D-Mich.) said on Wednesday that he plans to refer Goldman officials, and potentially officials from other organizations, to the Justice Department for possible prosecution and to the Securities and Exchange Commission for possible civil proceedings.

“In my judgment, Goldman clearly misled their clients and they misled the Congress,” said Levin, the chairman of the Senate Permanent Subcommittee on Investigations. [...]

Levin said prosecutors should look at not only Goldman’s statements to the public about its investment products, but also the statements officials made to Congress. Goldman officials, including chief executive Lloyd Blankfein, gave testimony that was “inaccurate,” Levin said. It is a crime under federal law to make a false statement to Congress or to obstruct congressional proceedings.

Levin’s investigation drew headlines after he grilled a top Goldman executive for continuing to push investors to purchase an investment that Goldman described as a “shitty deal” in its internal emails. As the Levin report explains, Goldman’s management “sent out numerous sales directives or ‘axes’ to the Goldman sales force, stressing that [selling the shitty deal] was a priority for the firm.”

This deal was just one example of Goldman “profit[ing] from the failure of many of the…securities it had underwritten and sold.” As the report explains, Goldman frequently touted securities that it expected to fail to outside investors, and then bet against those securities by taking a “short position” on them. In total, Goldman “generated net revenues of $3.7 billion” by betting against securities, while their alleged victims were left with an investment that was worth only a fraction of what they paid for it.

Politics

Right-Wing Radio Host Mark Levin Rips ‘Race-Baiting’ Jeb Bush For Urging Outreach To Latinos

This past week, former Florida Gov. Jeb Bush (R) told the GOP it would be “incredibly stupid” to ignore Latinos as a political force. “This is about the conservative cause. If you look over the horizon over the next 10 or 20 years…without an active involvement of Hispanics, we will not be the governing philosophy,” he said.

During an interview with Fox News’ Geraldo Rivera which aired this weekend, Bush — who opposed the original Arizona law SB-1070 and is in favor of comprehensive immigration reform — said he is alienating conservatives in his efforts to reach out to Latinos:

You could hear crickets around me in my views on immigration on this particular issue. It’s a solitary view, I guess — or close to it.

Watch it:

It’s not quite accurate that Jeb is hearing crickets; he’s also hearing loud criticism from the intolerant wing of his party. Right-wing hate radio host Mark Levin blasted Bush for “race-baiting,” calling his remarks “divisive” and “destructive of conservatism.” Levin said, “I’m starting to think Jeb Bush isn’t that bright, to be honest with you.” Calling Bush someone who sounds like “a host on MSNBC,” Levin concluded:

I am sick and tired of politicians and ethnic front groups who do everything they can to divide us, to categorize us, and to undermine the entire notion of our founding. I cannot vote for Jeb Bush whenever he runs, because apparently, he has a comprehension problem when it comes to our founding, when it comes to the Declaration and the Constitution, and when it comes to basic — basic — understanding of the greatness of this nation.

Watch the video at The Right Scoop.

Levin is a frequent critic of conservatives, previously attacking Gov. Chris Christie (R-NJ), Bill O’Reilly, and even Glenn Beck. Nevertheless, he remains an inspiration for Rep. Michele Bachmann (R-MN), Sarah Palin, and many other influential right-wing leaders.

(HT: The Right Scoop)

Politics

Virginia AG Ken Cuccinelli Thanks His ‘Teammate,’ Hate Radio Host Mark Levin, For Help With HCR Case

News outlets across the country are discussing a federal judge’s ruling that a key part of health care reform, the individual mandate, is unconstitutional. The New York Times and Washington Post blared A1 headlines about the decision today, and the story led each of the network news broadcasts last night, following stories about extreme winter weather in the Midwest. The idea that health care reform might be unconstitutional was once, not too long ago, a very marginal and unknown position — it remained the province of far-right legal scholars. As Josh Marshall writes, “a year ago, no one took seriously the idea that a federal health care mandate was unconstitutional. … But the decision that just came down from the federal judgment in Virginia — that the federal health care mandate is unconstitutional — is an example that decades of Republicans packing the federal judiciary with activist judges has finally paid off.” (TPM traces the evolution of the legal argument here).

While conservatives were mounting a highly-coordinated legal challenge to the constitutionality of health care reform, the movement’s leaders were also mounting an aggressive public relations campaign to provide political cover for their radical effort to overturn a popular bill. Virginia Attorney General Ken Cuccinelli began making appearances on right-wing media outlets and at widely covered Tea Party conventions to push the constitutionality issue.

Yesterday, on the day that a federal judge in Virginia ruled that the individual mandate unconstitutional, Cuccinelli went on the Mark Levin Show to thank the extreme hate radio host for his “critical” “help” and “partnership” in pushing the public case for unconstitutionality and helping his listeners understand the legal arguments:

LEVIN: You’ve done a great thing here Ken, you’ve got great lawyers in your office, and —

CUCCINELLI: You know, I appreciate that Mark – I also appreciate the help. I don’t know if you’ve told your listeners but you’ve been in on this all the way along; you did a great job on Comstock and the necessary and proper clause and some of your listeners probably don’t care about all those details, but honestly it all helps and it’s all critical. In some respects the case is pretty straightforward, but of course when you get into the nitty-gritty not all of it is simple, so having you all alongside with us was definitely helpful. I appreciate it.

LEVIN: Well it was a great honor. You’re the leader on this. [...]

CUCCINELLI: Hey Mark, thanks for your partnership, it’s good to have teammates. When we got in this, and when you guys got in this, everybody was saying ‘oh, you guys don’t have a chance.’ Well we do have a chance, the constitution has a chance, and it’s worth fighting for. And we’re going to keep fighting for it. Thanks for the help.

Listen here:

Of course, the right-wing media that Cuccinelli found so useful in his push against health care reform has plenty of other ideas about the law, too. Levin has said he believes the health care laws are akin to “economic slavery,” and never hesitated to push pernicious lies about “death panels.” A sampling of Levin’s opinions on health care reform:

– Levin said President Obama is a “bully” who has “taken our health care away.” [7/2/10]

– Discussing health care reform, Levin said the Obama administration has a “Soviet-style industrial plan in place” and wants to “kill the economy.” [7/2/10]

– Levin told Sarah Palin that “[y]ou’re absolutely right about” “death panels.” [11/18/10]

– Levin issued an ominous warning to seniors: “Senior citizens, you are in their target area. … You will be expended.” [10/16/09]

– In rant on health care, Levin equated Senate Finance bill with “economic slavery.” [10/14/09]

A crucial part of Cuccinelli’s war on health care reform is clearly the public relations push; the New York Times reported yesterday that “[w]ithin hours of the judge’s decision on Monday, [Cuccinelli's] political Web site was advertising on the conservative drudgereport.com and other Web sites.” Unfortunately, Cuccinelli has relied on poisonous, dishonest media figures like Mark Levin to help make his argument — a fact rarely mentioned in the mainstream media coverage.

Politics

Carl Levin: Obama Lacks ‘A Willingness To Fight Hard’ And Keep Senate In Town To Pass Priorities

Appearing on CSPAN’s Newsmakers this Sunday, Senate Armed Services Committee Chairman Carl Levin (D-MI) reiterated his pledge to stay in session after Christmas to give the Senate more time to consider end of year priorities like extending tax breaks for the middle class and passing the stand-alone Don’t Ask, Don’t Tell repeal measure recently introduced by Sens. Joe Lieberman (I-CT) and Susan Collins (R-ME). Levin also called on President Obama to use his bully pulpit to keep the Senate in town past the holidays, but lamented that he hasn’t seen “that kind of a willingness to fight that hard” from Obama:

LEVIN: One of the questions will be whether we stay long enough to get some of these things done and I hope we stay as long as we need. There are many days extra if we stay after Christmas, it adds a few days. It would add a few days, for instance, if we stayed in the Monday, Tuesday, Wednesday before Christmas. You can pick-up a few days, and if it will make a difference, and I think it can… I would hope we would take those few days and also to get Don’t Ask, Don’t Tell passed. [...]

The way I think the President needs to fight is to say that he is going to use all of the power he has of a bully pulpit and urge the Senate to stay in, right up to New Years. … [T]hat’s the problem that I don’t see that kind of a willingness to fight that hard, where he will take that kind of a position and that’s what’s necessary. The Senate and the House, these are tests of wills.

Watch it:

The White House expressed support for the stand-alone bill on Friday, but stopped short of calling on Senate Majority Leader Harry Reid (D-NV) to extend the session. “The president remains committed to seeing this repeal done before Congress leaves town this year,” said Press Secretary Robert Gibbs, who also promised Obama would remain engaged on the issue.

LGBT

Carl Levin: Obama Lacks ‘A Willingness To Fight Hard’ And Keep Senate In Town To Pass Priorities

Appearing on CSPAN’s Newsmakers this Sunday, Senate Armed Services Committee Chairman Carl Levin (D-MI) reiterated his pledge to stay in session after Christmas to give the Senate more time to consider end of year priorities like extending tax breaks for the middle class and passing the stand-alone Don’t Ask, Don’t Tell repeal measure recently introduced by Sens. Joe Lieberman (I-CT) and Susan Collins (R-ME). Levin also called on President Obama to use his bully pulpit to keep the Senate in town past the holidays, but lamented that he hasn’t seen “that kind of a willingness to fight that hard” from Obama:

LEVIN: One of the questions will be whether we stay long enough to get some of these things done and I hope we stay as long as we need. There are many days extra if we stay after Christmas, it adds a few days. It would add a few days, for instance, if we stayed in the Monday, Tuesday, Wednesday before Christmas. You can pick-up a few days, and if it will make a difference, and I think it can… I would hope we would take those few days and also to get Don’t Ask, Don’t Tell passed. [...]

The way I think the President needs to fight is to say that he is going to use all of the power he has of a bully pulpit and urge the Senate to stay in, right up to New Years….that’s the problem that I don’t see that kind of a willingness to fight that hard, where he will take that kind of a position and that’s what’s necessary. The Senate and the House, these are tests of wills.

Watch it:

Democratic Senate aides are telling the Washington Post that a vote on the stand-alone measure could come “late Tuesday or Wednesday, after senators vote to proceed with tax- cut legislation on Monday” but many are also conceding that there may not be enough time for the measure, since “senators also have to vote on a trillion-dollar government spending bill and may also consider the new START Treaty – a bill White House aides privately concede holds more priority.”

The White House expressed support for the stand-alone bill on Friday, but stopped short of calling on Senate Majority Leader Harry Reid (D-NV) to extend the session. “The president remains committed to seeing this repeal done before Congress leaves town this year,” said Press Secretary Robert Gibbs, who also promised Obama would remain engaged on the issue.

LGBT

Levin: Passing Defense Bill Will Be A ‘Possibly Insurmountable Challenge’ Even If Cloture Invoked

Moments ago, as Senate Majority Leader Harry Reid (D-NV) and Sen. Susan Collins (R-ME) try to work out a time agreement to debate the National Defense Authorization Act (NDAA), Armed Services Committee Chairman Carl Levin (D-MI) took to the floor to argue that even if the Senate can invoke cloture today, passing the bill may still prove an “insurmountable challenge”:

LEVIN: Even if we get 60 votes today to invoke cloture on the motion to proceed to this bill and even if we’re able to consider amendments and pass this bill in a few days, it will be a possibly insurmountable challenge to work out all of the differences with the House. Over the last 10 years, madam President, it has taken an average of 75 days to conference the defense authorization bill with the House, after we passed it. If we don’t proceed with this bill, this week, then involving cloture sometime next week, even if we could do it would be a symbolic victory and I don’t believe there would be enough time to hammer out a final bill before the end of the session.

Watch it:

Levin made a strong case for repealing DADT earlier in the speech, but in this clip he referenced the policy in such a way as to suggest that he would support a stripped down defense bill, if it meant passing something before the end of the year. “But the only way this will be real and that the repeal of Don’t Ask, Don’t Tell – assuming that we continue to keep it in the bill — will be real, is if we proceed to the bill this week. We cannot and should not delay this vote any longer.”

This morning, Reid announced that he planned to move on the NDAA today. “I also will likely, sometime today move to reconsider the previously failed cloture vote on defense authorization bill,” he said, without specifying an exact time. Most observers, however, believe that the measure will come to a vote around noon.

Update

Reid took to the floor at 12:20 to say that he would decide on whether or not to hold a cloture vote on the NDAA “in a little bit.”

Security

Carl Levin Points Out McCain Introduced A ‘Non-Relevant’ Amendment To Defense Reauthorization Bill In 2000

Since Senate Majority Leader Harry Reid announced that he would be introducing a defense authorization bill next week that includes the Development, Relief and Education for Alien Minors (DREAM) Act, Sen. John McCain (R-AZ) has been desperately trying to justify his opposition to a bill he co-sponsored in 2005, 2006, and 2007. One of McCain’s main arguments is that for “many many years we never put any extraneous items on the bill” and that, starting last year, “Carl Levin and Harry Reid put hate crimes on it which had nothing to do with it.”

However, today, Sen. Carl Levin (D-MI) noted that not only was hate crimes legislation considered as an amendment to the defense authorization bill in 2001, 2005, and 2008, each time the hate crimes amendment was approved. The only difference last year, Levin points out, is that the provision was not dropped in conference and was included in the enacted in legislation.

Levin also noted that “over the last dozen years” the Senate has debated “non-relevant amendments” to the defense authorization bill “on a number of issues.” One of those amendments was introduced by McCain himself.

In 2000, McCain offered an amendment to the defense authorization bill that required public disclosure of donors and expenditures. McCain faced similar criticism from his opponents who argued that his amendment had nothing to do with defense. Even one of his critics conceded that McCain was “acting under the rules.”

Levin explains why he supported McCain’s amendment at the time:

I supported the McCain amendment at that time and I also supported the right of the Senator from Arizona to offer it — not because it was relevant to the defense authorization bill, it was not. But because it was the only opportunity apparently to consider that bill and it was the right thing to do.

Watch it:

The DREAM Act has a lot more to do with defense than a campaign finance amendment. Back in 2006 when the Senate was about to debate comprehensive immigration reform that would legalize millions of undocumented immigrants, McCain explicitly made the connection himself, stating “[r]ight now, at this very moment, there are fighting for us in Iraq and Afghanistan soldiers who are not yet American citizens but who have dreamed that dream, and have risked their lives to defend it. They should make us proud, not selfish to be Americans.”

Republicans, meanwhile, have shown zero interest in taking up either the DREAM Act or comprehensive immigration reform on its own. And, in the past, McCain has clearly agreed that passing the DREAM Act is in fact the “right” thing to do through his repeated sponsorship of the bill. In his 2006 speech, McCain concluded, “They came to grasp the lowest rung of the ladder, and they intend to rise. Let them rise. Let them rise.”

Politics

Hate Radio Host Mark Levin Attacks Gov. Chris Christie Over Mosque Comments: ‘Absolutely Dead Wrong’

Yesterday, New Jersey Gov. Chris Christie (R) warned fellow Republicans to stop “overreacting” to the proposed Islamic cultural center near Ground Zero. He said that while some degree of “deference” must be shown to some 9/11 families who don’t want the center nearby, “it would be wrong to so overreact to that, that we paint Islam with a brush of radical Muslim extremists that just want to kill Americans because we are Americans.”

Even though Christie included obligatory digs at Democrats and President Obama for somehow “playing political football” with the issue, his comments were still apparently too much for right-wing hate radio host Mark Levin. He unleashed on Christie last night during his radio show, and called the governor “absolutely dead wrong” and questioned Christie’s conservative credentials:

“Just because you clobber public sector unions, and you fight to cut your state’s budget, does not necessarily mean you are presidential material. He will see….It’s a matter of right and wrong. If the 9/11 families hadn’t stood up, if some of the most, you know, outspoken individuals in conservative media hadn’t spoken up, many, many people not only wouldn’t know about it, they wouldn’t care about it. And this is something we should care about. This is fundamental. So, sorry governor. You’re absolutely dead wrong. It’s not a political football game.

Listen:

Levin is right that Christie has been extremely conservative on budget issues: his budget proposal this year refused to extend a tax on earners over $400,000 — which would have generated $900 million for the state — but it did cut $820 million to public schools. He also vetoed a tax on residents with incomes over $1 million, which was designed to help fund property tax relief for senior citizens and the disabled, among other programs. According to the non-partisan Office of Legislative Services, due to Christie’s veto, “a retired couple living on a fixed income of $40,000 would see an increase of $1,320 in taxes under the governor’s plan while a family making $1.2 million would receive a tax cut of $11,598.”

Christie has been mentioned as a 2012 Republican nominee for president, and even Rush Limbaugh recently asked: “Is it wrong to love another man? Because I love Chris Christie.” Still, Christie does not appear to pass Levin’s notoriously strict litmus test for conservatives.

Justice

Sen. Carl Levin On DADT: ‘I Have My Doubts About The Content Of The Survey’

Senate Armed Services Committee Chairman Carl Levin

Senate Armed Services Committee Chairman Carl Levin

AJC’s Cynthia Tucker reports that Senate Armed Services Committee Chairman Carl Levin (D-MI) told a roundtable of reports this morning that he understood why some gay groups found the new DADT questionnaire offensive, admitting that he had his own doubts about “the content of the survey”:

I can understand the resentment in the gay community.” Levin pointed out, as many gay activists have, that the survey is unprecedented.

Harry Truman didn’t poll the military when he decided to integrate the Armed Forces in 1948. Nor was there a survey when the Pentagon put women on battle ships in 1978. The Navy recently made a decision to allow women in the close quarters of submarines — again without surveying the male submariners.

It would be really, really, really unacceptable for people in the military to believe it’s a democracy,” Levin said, adding, “I have my doubts about the content of the survey.”

LGBT groups have condemned the survey’s questions, which ask servicemembers to speculate on the sexuality of their colleagues, as “derogatory and insulting,” leading the Pentagon to strongly defend the survey. Yesterday, Pentagon spokesperson Geoff Morrell told me that the survey was “not designed to be offensive to anyone.” “What it was designed to do was to get us the best sense of how the force feels about this issue so we could make adjustments for implementation,” he said. “The intent here is to get the best understanding of how the force feels so that we can take measures to prepare for implementation. That’s what it’s about.”

TPM’s Christina Bellantoni writes that Levin said that while “It’s a very good idea to get the attitude of the troops on things,” it’s important troops do not think they have “veto power” but rather that they understand they are answering the questions to help implement the repeal of DADT. “A lot depends about how the survey is worded … [the Pentagon must] make sure they understand military leadership made a decision,” he said. “[Military leaders are] asking these questions as a way to help us implement this effectively.”

Yesterday, Morrell insisted that the survey would do just that. The survey “is not in any way intended for us to find potential landmines that would cause us not to proceed with a repeal, but rather is to edify us about the kinds of challenges associated with repeal that would need to be dealt with post-repeal,” he said.

Levin is one of the first lawmakers to publicly criticize the questionnaire.

Older

Switch to Mobile
ThinkProgress Signup Overlay Skip and Continue to ThinkProgress Skip and Continue to ThinkProgress

Sign Up