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I was tooling around the internet for awhile yesterday, looking for a transcript of the Congressional hearings that featured Goldman Sachs executives and traders as the star witnesses, before I realized that nowhere in print was there any real sense of what had gone on. Congressional hearings may have been effective at some point in the past, but these days, the witnesses are usually far too polished and used to dissembling for hours at a time to be of any real value, and the senators and congressmen who are asking the questions are usually too polite to do more than ask questions of little or no value. Senator Carl Levin tried to deviate from that formula on Tuesday. He was harsh, unyielding and relentless. "Your clients lost. Goldman profits" rang out several times during his opening address. But Senator Levin didn't have enough of an understanding of the business to really pin back the ears of any of the witnesses, including Lloyd Blankfein, Goldman Sachs chairman. I couldn't figure out for the life of me why his staffers didn't line up a few disgruntled traders and insiders to give the senator a three or four day crash course on the business. His gambling analogies were something that might appeal to my grandmother, who puts gambling of any kind up there with the cardinal sins, but missed the mark when it came to characterizing Wall Street's shenanigans.

"Until early Wednesday morning, Greg Smith was a largely anonymous 33-year-old midlevel executive at Goldman Sachs in London. Now everyone at the firm - and on Wall Street - knows his name. Mr. Smith resigned in an e-mail message to his bosses at 6:40 a.m. London time, laying out concerns that Goldman's culture had gone haywire, putting its own interests ahead of its clients."

"Both companies gambled, both companies lost, and both companies expect the taxpayer to clean up their mess."

"President Obama has stated confidence in Treasury Secretary after 80 conversations with bank executives emerged"