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Government Panel Calls Goldman Sachs "Uncooperative"

2010_01_lloydblankfein.jpg 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."

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Comments [rss]

  • jt10000

    Of course they're not cooperative - it's not in their interest.

    Duh.

  • Bubba

    If they would cut off Lloyd Blankfein's hands before the morning bell these financial shenanigans would stop.

  • John Clavis

    We no longer have a representative democracy (if we ever did). Congress now works for the Top 1%. Welcome to "Compassionate Feudalism". Serf's up!

  • seven

    Lock'em all up

  • Bakey

    Why would they cooperate?

    After all, they have obligations to shareholders to turn a profit.

    Isn't that the excuse for every shady, backhanded move in today's corporate world?

  • Ishtar

    "Uncooperative"? The FCIC wouldn't be saying that if they had the manpower and money to do the doc review. They have neither because GS has all of our money.

  • gtraindelay

    Why should they cooperate when there doesn't seem to be any repercussions when they don't?

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