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| Economy |
| Goldman Sachs accused of disrupting FCIC's probe into financial crisis |
| 2010-06-08 |
| The investment bank, which has now been subpoenaed to appear before the FCIC as a result of its alleged actions, has also been accused of “mischief-making' with regards to its conduct towards the commission after sending it 20m separate documents. The FCIC has a staff of 50. The accusations came from Phil Angelides, chairman of the FCIC, which is charged by the US Congress with finding the root causes of the crisis and outlining steps to ensure it does not happen again. It is the latest black mark against the bank, which is accused by the US Securities and Exchange Commission of securities fraud in relation to the alleged mis-selling of derivatives, a charge the bank denies. Mr Angelides appears infuriated with Goldman's tactics, suggesting that the bank is involved in “a very deliberate effort to run out the clock'. The FCIC must close its investigation and deliver its report to Congress by the end of this year. “We did not ask them to pull up a dump truck to our offices to dump a bunch of rubbish,' Mr Angelides continued during a conference call following the issue of the subpoena. “We should not be forced to play 'Where's Waldo?' on behalf of the American people.' It is understood that Goldman delayed responding to the FCIC's very specific requests for certain documents relating to the use of derivatives and other matters for months, and then changed tactic and delivered some five terabytes of information in the past three weeks. When asked why the bank might delay its involvement, the FCIC's vice-chairman Bill Thomas said: “They may have more to cover up than maybe we thought or they told us they did.' Lloyd Blankfein, Goldman's chairman, appeared before the FCIC alongside other senior bankers at the start of this year, and is likely to do so again as a result of the subpoena. A Goldman spokesman said the bank has been “committed' to providing the information the FCIC requested. |
| Posted by:tipper |
| #2 "Fine Goldman Sachs $1 billion for contempt of Congress." Geez, AH, if everybody with contempt for Congress were to be fined, we'd all be even more broke than we are now! |
| Posted by: Barbara Skolaut 2010-06-08 19:20 |
| #1 Fine Goldman Sachs $1 billion for contempt of Congress. Or pass a law that renders that particular Pig Man incapable of operating. Or sic the Department of Justice on them, but wait, the AG is too busy persecuting physicians for antitrust as opposed to where the most damage has been done. |
| Posted by: Anguper Hupomosing9418 2010-06-08 18:41 |