Goldman Subpoenaed After Failing to Provide Meltdown Documents

Tuesday, 08 Jun 2010 09:41 AM

 

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A government commission investigating the financial crisis has issued a subpoena to Goldman Sachs Group Inc. for failing to comply with a request for documents and interviews in a timely manner, the commission said on Monday.

The documents and interviews were requested in connection with the probe by the Financial Crisis Inquiry Commission, which has been holding hearings to question financial executives and regulators about the events that led to the government rescue of the banking industry.

Goldman spokesman Samuel Robinson said in a statement that "we have been and continue to be committed to providing the FCIC with the information they have requested."

Goldman Chief Executive Lloyd Blankfein was on a panel with three other bank chiefs that testified in January before the commission, which was appointed by the U.S. Congress.

The U.S. Securities and Exchange Commission sued Goldman in April for civil fraud in connection with the structuring and sale of a $1 billion collateralized debt obligation.

Disclosure concerns have followed the bank in recent months. It has been criticized for not immediately telling investors that it received a so-called Wells Notice from the SEC last September, signaling the possibility of civil charges.

The FCIC has shown a willingness to use its subpoena power. In April it issued a subpoena to Moody's Corp, saying the company had failed to comply with a request for documents and interviews in a timely manner.

The FCIC also used a subpoena to compel Warren Buffett to testify after the Berkshire Hathaway Inc. chief rebuffed earlier requests to submit to voluntary questioning.

© 2014 Thomson/Reuters. All rights reserved.

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