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.