Goldman Subpoenaed by FCIC After Panel Says Firm Hindered Probe
By Jesse Westbrook, Bloomberg-BusinessWeek
June 7 (Bloomberg) — Goldman Sachs Group Inc. was subpoenaed by the Financial Crisis Inquiry Commission after panel members said the most profitable firm in Wall Street history engaged in a document “dump” to hinder a probe
Goldman Sachs sent more than a billion pages of documents, FCIC Vice Chairman Bill Thomas said on a conference call with reporters today. Not all of the information is what the panel requested, and Goldman Sachs didn’t cooperate with requests to interview Chief Executive Officer Lloyd Blankfein, Chief Operating Officer Gary Cohn and Chief Financial Officer David Viniar, FCIC Chairman Phil Angelides said.
“We did not ask them to pull up a dump truck to our offices and dump a bunch of rubbish,” said Angelides, 56, who previously served as California’s treasurer. “This has been a very deliberate effort over time to run out the clock.”
The FCIC, which Congress appointed last year to investigate the causes of the worst economic slump since the Great Depression, issued the subpoena June 4. The request adds to government scrutiny of New York-based Goldman Sachs, as regulators and lawmakers examine how it packaged mortgages into securities that fueled investor losses when the housing market collapsed in 2007… Continue here.>>
