Feds Slap Foot-Dragging Goldman With Subpoena

Sachs stalls commission, then dumps millions of documents
By Rob Quinn,  Newser Staff
Posted Jun 8, 2010 5:39 AM CDT
Philip Angelides, left, chairman of the Financial Crisis Inquiry Commission, and vice chairman Bill Thomas, listen to testimony, Wednesday, June 2, 2010, in New York.   (AP Photo/Mark Lennihan)

(Newser) – Goldman Sachs is giving investigators the run-around in their probe into the roots of the financial crisis, a federal commission says. The Financial Crisis Inquiry Commission says the firm, asked for information on its dealings, first dragged its feet and then dumped hundreds of millions of pages of documents on the panel. The panel has subpoenaed Goldman, demanding that the firm provide "the needle instead of the haystack," as one panel member puts it.

Goldman's unhelpful response to requests for information appears to be an effort to delay the investigation until beyond its December deadline, panel members say. "We did not ask them to pull up a dump truck to our offices and dump a bunch of rubbish,” panel chairman Phil Angelides told the Wall Street Journal. “This has been a very deliberate effort over time to run out the clock.” Goldman, after receiving the subpoena, agreed to schedule interviews with Lloyd Blankfein and other executives.

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