It’s fair to say that members of the Financial Crisis Inquiry Commission are pissed as hell at what they think are efforts by Goldman Sachs to ride out their investigation. The commission’s chairman, Phil Angelides, blasted Goldman on a conference call with the media today after announcing the panel had subpoenaed Goldman, sending its shares down.
Apparently, Goldman has been responding to requests for documents by flooding the panel’s 50 staffers with millions of emails and other things, which are mostly bullshit documents that aren’t relevant to the investigation.
“We did not ask them to pull up a dump truck to our offices to dump a bunch of rubbish,” Angelides said on the call. “We’re not going to let the American people be played for chumps here. We should not be forced to play ‘Where’s Waldo’ on behalf of the America people.”
Vice Chairman Bill Thomas also had some choice words for Lloyd Blankfein & Co. “When we had Chairman Lloyd Blankfein testifying, he said Goldman was about market-making. Now it seems like it is also about mischief-making,” Thomas said. “They may have more to cover up than maybe we thought or they told us they did,” he said when asked why the firm would delay.
“We have been and continue to be committed to providing the FCIC with the information they have requested,” Goldman Sachs said in a statement.
Shares of GS dropped 2.5 percent on the news.
Why does Lloyd always look like people are farting on him?
i want to unscrew your head and shit down your neck.
jk jk… how much money will it take to get you to kiss a man?
This is why I love Goldman
This is why I love Raymond James.
9811.4
Angelides is SUCH A FUCKING AMATEUR. This is the way ALL corporations deal with Congress when one of their bullshit investigations get started.
Hey dumbass, here’s a tip from someone who has managed several federal investigations of private firms
1) force them to format all of their documents that allows for quick keyword and context search (Energy and Commerce and Finance both do this routinely);
2) bring in their lobbyists, ask them what the hell they think they are doing, and suggest to them that there are lots of lowly journalists who can help them search through documents that are worth reading; and
3) please, for the love of god, hire someone who as actually worked in the industry and understands what is illegal vs what is merely sloppy.
Then pin them to the walls and make their eyes bleed.
@6 – don’t taze me bro.
What, exactly, did FCIC ask for?
I’ll bet the requests were phrased specifically, too. Given the intimate and deep financial literacy displayed by Congress during the GS grilling, I’ll bet GS lawyers spent a good portion of their time wondering what the fuck the request meant.
I can just see it: “Please produce all reverse-inquiry swaps traded by your CDOs over the last 25 years.”
“We expect them to provide us with the needle,” he said.
“The panel wants information on how the firm trades derivatives, packages assets into bonds and provides markets for buyers and sellers of assets”
“The subpoena includes requests for interviews with top Goldman executives, including CEO Lloyd Blankfein and Chief Financial Officer David Viniar”
Looks like Lloyd didn’t call them back and went off to Asia.
They want the Lloydfein sex tape. THEY WANT THE TAPE!
Our government could make one hell of a comic strip. Syndicate it.
I’m starting to think the professional politicians are better at playing politics than the bankers.
@13 agree. put out a press release saying GS isn’t giving information. make goldman look bad. then hours later say goldman is giving too much information. make goldman look bad
Dear oh dear. They used the “A” word. Who is the executive most knowledgeable about transactions between AIG and Goldman? Hank Paulson?
http://online.wsj.com/article/SB10001424052748703303904575292530057313818.html?mod=WSJ_hpp_LEFTTopStories
“The commission is particularly interested in Goldman’s dealings with American International Group Inc., one of the firms at the center of the financial crisis in 2008. The subpoena demanded 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,” the FCIC said.”
Hey, you fat fuckers, whats up?
@16 – sorry – I was in the middle of a vending machine contest – what was it you wanted?
how about all you tax payers ask Agelides how much his little investigation has cost to date ?
how much tax payer money will be spent on the various crusades that these congressman want to run ?
Im past caring about who is right or wrong the world in my opinion is turning to sh1t real quick.
New contest: We should make the folks at Goldman eat every single irrelevant document. With hot sauce.
Goldman just shouldn’t have paid so much in bonus…
Why is Morgan Stanley sharing the limelight with Goldman. They are just as bad if not worse!
Seriously. If they hadn’t provided every scrap of anything, we’d all be reading about Phil Angelides complaining that Goldman won’t comply with the request.