The Financial Crisis Inquiry Commission slapped Goldman Sachs with a subpoena for documents and emails the bank has failed to turn over "in a timely manner," according to a press release from the Commission.
Not surprisingly, the news has hit Goldman shares, which were up at the start of the trading day.
“We’ve given them ample time to provide documents and information,” a commission spokesman said. “The kind of documents is quite broad, as you might imagine, so it’s not that they are just withholding a specific range of docs but more to the tune of generally uncooperative. Same with interviews.”
Phil Angelides, the commission’s chairman, and Bill Thomas, the vice chairman, are expected to discuss the subpoenas later Monday in a conference call. Both men are Californians. Mr. Angelides, a Democrat, is a former state treasurer and gubernatorial candidate; Mr. Thomas, a Republican, served 28 years in Congress and rose to be chairman of the House Ways and Means Committee.
A person briefed on the investigation said that Goldman had already provided millions of pages of documents, and that the commission had begun interviewing witnesses, on a range of issued, including derivatives, the complex financial instruments that were at the heart of the crisis.