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David Solomon’s hobby occasionally brushes up against his job as head of Wall Street’s most powerful bank in ways that could pose potential conflicts of interest.
Customers to put their money in these mortgage investments, the feds say the bank failed to tell them about a conflict of interest. that one of its clients an investment firm helped to set up these deals and then bet that they would fail. in fact, constructed them, designed them, hoping they would fail. so the money went from the investors to the hedge fund, in essence through goldman and goldman got commissions on all of it advising investors to bet on success but betting themselves on failure. adam shapiro from the fox business network joins us live. what is sak's saying. >> they are saying ...
One provided you with materials that are going to explode, or, two, that i have bought insurance that the house is going to burn down. and that's essentially what the sec is saying goldman did. they sold the house to people without telling them that there was a guy who gave the materials that would blow up and that that guy had insurance against them. >> shepard: all very bad stuff if true a billion dollars here. there is a lot of politics involved and it's about timing, explain. >> the timing on this is unbelievable. first we have financial regular regulatory reform being debated next week in...