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.
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