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FCIC says Goldman Sachs is playing the American people for 'chumps'

The Federal Crisis Inquiry Commission is pretty pissed at Goldman Sachs. Actually, make that really pissed. “We’re not going to let the American people be played for chumps here,” said co-chair Phil Angelides. His colleague Bill Thomas added that Goldman is attempting a "very deliberate effort to run out the clock.” Felix Salmon offers the back story:

The FCIC asked in January for “documents and information concerning Goldman’s synthetic and hybrid collateralized debt obligations based on mortgage-backed securities”, with a deadline of February 26. Goldman asked for an extension, and was given until March 5. Then Goldman asked for a second extension, and was given until March 8. And then Goldman’s submission was inadequate, but the FCIC allowed Goldman some time off because it was dealing simultaneously with requests from the Senate.

After the Senate hearings were over, at the end of April, the FCIC started badgering Goldman again, and was eventually told that the information would arrive on May 3; on May 4, more incomplete information arrived. Lots more back-and-forth resumed, and far from trying to help out, Goldman simply said that they had already provided everything asked for back on March 8. Eventually, on May 18, the five-terabyte document dump began: that’s roughly 2.5 billion pages. More back-and-forth, including a further incomplete submission on May 21; eventually the subpoena was issued on June 4.

By Ezra Klein  |  June 8, 2010; 2:00 PM ET
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Goldman is the best. This is the same stuff they pulled during Carl Levin's hearings. They're just gooing to stall, stall, stall until the news cycle changes.

Posted by: Quant | June 8, 2010 3:28 PM | Report abuse

Goldman is a knight in shining armor compared to some fraudsters.

For example, has anyone been following Judicial Watch, Inc. v. U.S. Dept. of HHS? HHS was asked back in March for documents supporting its claims regarding PPACA financial solvency and made a token effort at response. After the PPACA vote, the agency still hadn't produced the documents and, after some hemming and hawing, made another token response. The agency became a defendant in a FOIA suit, yet still hasn't coughed up the documents.

Fraudsters -- like Goldman and the Obama Administration -- always try to hide their dirty games.

Posted by: rmgregory | June 8, 2010 4:06 PM | Report abuse

goldman-sachs will bring this country to its knees again on either sept-17th or sept-22nd 2010 and make a whole lot of money off its derivatives and re-insurance trades off of companies like AIG,and foreign offshore insurers in england france and germany as the euro-dollar crashes. signs already in the european stocks.

Posted by: buchababe22 | June 8, 2010 9:54 PM | Report abuse

A Goldman/Postal connection?

The Freakonomics Postulate:

Posted by: dryMAILman | June 9, 2010 12:05 AM | Report abuse

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