The Senate’s Permanent Subcommittee on Investigations concluded in April 2011 that Goldman Sachs had peddled mortgage- related securities to its clients while failing to disclose that the firm had bet that those instruments would lose value. The investigation pinned much of the blame for the credit crisis on Wall Street banks that earned billions of dollars by enticing clients to buy the risky bonds.
The financial-crisis inquiry was the subcommittee’s longest probe under Levin, lasting two years by the time the panel completed its work. By the end, the staff amassed 56 million pages of memos, documents, prospectuses and e-mails, Levin said last year.
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