Lubbock Congressman denies owning stock in embattled bank - KCBD NewsChannel 11 Lubbock

4/27/10

Lubbock Congressman denies owning stock in embattled bank

LUBBOCK, TX (KCBD) - Despite reports to the contrary, Lubbock Congressman Randy Neugebauer says he does not own any stock in Goldman Sachs. The company came under fire Tuesday during a line of questioning in front of U.S. Senators.

Back in mid-April federal regulators accused Goldman Sachs of fraud that cost some investors more than $1 Billion.  The company denies the charge. 

"We don't own any stock in the bank," says Neugebauer.  He says he's a customer, not a stockholder, of Goldman Sachs. 

An Internet publication called opensecrets.org claims Neugebauer is among several stockholders in the Congress, but Neugebauer says the Internet site got it all wrong.  A check of the Congressman's most recent financial disclosure form mentions Goldman Sachs many times.  For example, one entry says "Goldman Sachs Bank Deposit."  Another says "Goldman Sachs High Yield Municipal Fund Class A."  The entries would seem to confirm the Congressman's story.

Neugebauer favors Congressional scrutiny of Goldman Sachs.  "I think the American taxpayers are due a full hearing on this."

In essence, the bank is accused of creating a sub-prime mortgage product and then getting rid of it before it started losing money. Goldman Sachs denies the charge and says it seems worse than it really is.

"We need to understand what happened, why it happened, and simply how we keep it from happening again," says Neugebauer. He is leery of proposed financial reforms at this time.  "I think a lot of us believe that before we go trying to fix things that we probably need to get a clearer picture of what happened."

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