Wednesday, June 30, 2010

Goldman More Open Since Subpoena, F.C.I.C. Says

Goldman Sachs has changed its tune, becoming more responsive to information requests from the Financial Crisis Inquiry Commission since being subpoenaed, the heads of the F.C.I.C. said Tuesday, according to a report from Bloomberg News.

The investment bank has also made its chief, Lloyd C. Blankfein, available for an interview, Phil Angelides, the chairman of the F.C.I.C., and the deputy chairman, Bill Thomas, said during a conference call with reporters.

Last month, the commission investigating the causes of the financial crisis subpoenaed Goldman Sachs and accused the investment bank of trying to delay and disrupt its inquiry.

“Goldman Sachs has not, in our view, been cooperative with our requests for information, or forthcoming with respect to documents, information or interviews,” Mr. Angelides said at the time.

However on Tuesday, Mr. Thomas said: “I have no question that we will get it in a timely matter now.”

As for the bank’s chief, Mr. Angelides said that Mr. Blankfein had been interviewed “at length” recently by commission staff.

In June, the commission harshly rebuked Goldman Sachs for what its said were delay tactics.

“They may have more to cover up than either we thought or than they told us,” Mr. Thomas said at the time.

Mr. Angelides and Mr. Thomas accused Goldman of inundating the panel with data — about five terabytes, equivalent to several billion printed pages — and dragging its feet on answering detailed questions about derivatives, securitization and other business activities.





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