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Goldman Sachs scrutinised by U.S. Senate

As the US authorities continue to chase Goldman Sachs, determined to bring the company into the court rooms of the US, yesterday saw a severe grilling for a team of four current and former employees of Goldman Sachs. Amid claims that the US authorities are using Goldman Sachs as something of a scapegoat there is no doubt that some of the barbed comments from Senate members were designed to grab the headlines and ridicule one of the oldest financial institutions in America.

Comments such as "you are the bookie, you are the house" and the very fact that members of the public dressed as convicts and carrying various placards were allowed in to watch the grilling makes a mockery of the situation. There is no doubt that Goldman Sachs banker Fabrice Tourre is the number one target of the US authorities and the fact he was grilled relentlessly yesterday perfectly illustrates this point.

This very public and very embarrassing grilling by the Senate comes just days after news that the SEC is taking Goldman Sachs to court alleging fraud. There is also speculation that the SEC has a number of other financial institutions in its sights and the Goldman Sachs court case could prove to be a major turning point in the relationship between the US banking sector and the US government.

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