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Goldman Sachs Subpoenaed By Manhattan DA
By
Garth Johnston
Published Jun 2, 2011
Modified Jun 2, 2011
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AP
By
Garth Johnston
Published Jun 2, 2011
Modified Jun 2, 2011
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After the disappointing setback to the Manhattan DA's office that was last month's alleged rape cop verdict, Cy Vance has set his sights on a much bigger target: the "vampire squid sucking the face of humanity" that is Goldman Sachs. The District Attorney's office today subpoenaed the firm in relation to a recent report from Senate Permanent Subcommittee on Investigations. And while some analysts don't think the subpoena will lead anywhere, a source tells the Daily News the office is "very serious" about the case and is "throwing resources at it."
At issue is how the 142-year-old firm handled itself in the run up to the 2008 credit collapse. While Vampire Squid-in-chief Lloyd Blankfein told Congress last year that “We didn’t have a massive short against the housing market,” the Senate Subcommittee's 650-page report on the crises found a different situation. The Congressional report noted the phrase “net short” appeared more than 3,400 times in Goldman documents related to the mortgage market.
But if the DA does go after the fifth-largest bank in the country, it will no question be "an uphill battle." Which is leading some to suspect that Vance is really going after a payday, similar to the $298 million one he got from Barclays last August in relation to that firm's covering up $500 million in banned transactions with banks in places like Cuba and Libya.
Goldman Sachs stocks ended the day down 1.315 percent at $134.38 a share. It was trading around $170 in January.
Tagged
credit crisis
cy vance
goldman sachs
manhattan da
subpoenas
Garth Johnston
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