The report by the Senate Permanent Committee on Investigations on the causes of financial crisis has singled out Deutsche Bank and Goldman Sachs for their subprime-related activities. Chaired by Sen. Carl Levin (D-Mich.), the panel states the banks’ creation and sales of mortgage-backed investments “illustrated a variety of troubling and sometimes abusive practices.” The report also stated that Moody’s Investors Service and Standard & Poor’s changed the way they graded the securities under pressure from at least eight banks, including Goldman Sachs and UBS.
