Democrats Keep Focus on Wall Street

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Senate Democrats vowed to continue their push for financial reform even after failing to get the 60 votes they needed to begin debate on their plan to regulate Wall Street.

Although Republicans blocked debate Monday, they still hope to reach a compromise on the law that aims to prevent a repeat of the 2008 financial crisis. That crisis will be at the heart of Tuesday's Senate hearing for Goldman Sachs.

The mega-bank faces fraud charges, and its CEO Lloyd Blankfein will answer charges his bank misled investors and positioned itself to make a fortune during the mortgage crisis.

"We didn't have a massive short against the housing market, and we certainly did not bet against our clients," Blankfein said in the prepared remarks released by Goldman. "Rather, we believe that we managed our risk as our shareholders and our regulators would expect."

"I think they're misleading the country," Sen. Carl Levin, D-Mich., said. "There's no doubt they made huge money betting against the (mortgage) market."

Meanwhile, the bank has given $31 million in political donations in the last 20 years -- most of which went to Democratic lawmakers.

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