June 22nd, 2010 
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Goldman Sachs, the Wall Street Bank, has been hit with a subpoena by the US Financial Crisis Inquiry Commission for a deliberate and disruptive failure for cooperating with requests for information about its part in the credit crunch that hit the global economy.
Phil Angelides, a California Democrat who chairs the commission, remarked that the commission asked for very specific documents and accused the company of “mischief-making” by billions of pages of impenetrable information instead of the requested answers about Goldman’s involvement in securities, market-making, and toxic derivatives.
From Guardian.co.uk:
The legal action adds to a litany of woes facing Goldman, which has become a lightning rod for public frustration over Wall Street excess. The bank, which has been accused of profiting from the credit crunch, is the subject of an inquiry by the US justice department and a prosecution by the Wall Street regulator, the Securities and Exchange Commission, into an alleged $1bn (£700m) fraud in the marketing of doomed mortgage-related securities.
Angelides said Goldman had provided five terabytes of information – roughly equivalent to 2.5bn pages of documents – but the content was offered “in a manner clearly not designed to allow us to determine the information we required”.
He added: “This is not a misunderstanding. This has been a very deliberate effort over time to run up the clock.”
The Commission heard evidences in the month of January from Lloyd Blankfein, Chief Executive of Goldman Sachs, along with bosses of Wall Street firms including JP Morgan’s Jamie Dimon, Morgan Stanley’s John Mack and Bank of America’s boss, Brian Moynihan.
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