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Government Panel Calls Goldman Sachs "Uncooperative"
By
Jen Chung
Published Jun 8, 2010
Modified Jun 8, 2010
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By
Jen Chung
Published Jun 8, 2010
Modified Jun 8, 2010
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Shocking: The Federal Crisis Inquiry Commission issued a subpoena to investment firm Goldman Sachs, with FCIC chairman Phil Angelides saying, "Goldman Sachs has not, in our view, been cooperative with our requests for information, or forthcoming with respect to documents, information or interviews." But who said that getting answers from a vampire squid was going to be easy?
Deputy chairman Bill Thomas ventured, "They may have more to cover up than either we thought or than they told us." The FCIC complains that Goldman has been slow to respond to answers, but then dropped "about five terabytes, equivalent to several billion printed pages" of information on them. According to the Wall Street Journal, the panel's subpoena is looking for "a key for identifying customer names and a way of matching up specific documents to the commission's requests for information," "documents concerning Goldman's mortgage-backed derivative securities," and more information on its dealings with AIG. Plus it wants "interviews with a number of executives, including Chief Executive Lloyd Blankfein, as well as the executive who's most knowledgeable about 'transactions between AIG and Goldman.'"
A survey from Bloomberg News finds that most respondents think Goldman deserves the federal probes. And the Financial Times notices how Chinese state-run media is openly criticizing the firm—here's a lede from the China Youth Daily, "Many people believe Goldman Sachs, which goes around the Chinese market slurping gold and sucking silver, may have, using all kinds of deals, created even bigger losses for Chinese companies and investors than it did with its fraudulent actions in the U.S."
Tagged
AIG
economy
FCIC
federal probe
goldman sachs
investment bank
lloyd blankfein
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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