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Rating:Goldman's 'Four Corners' Strategy Ticks Off the FCIC Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, June 08, 2010

Goldman's 'Four Corners' Strategy Ticks Off the FCIC

News summary by MFWire's editors

The FCIC's Phil Angelides is less than happy with Goldman Sachs. The head of the Financial Crisis Inquiry Commission and former California treasurer and Calpers honcho is upset that Goldman sent more than 20 million records in response to a request from the commission tasked with looking into the cause of the 2008 market collapse. The FCIC only has 50 staffers to make sense of the documents.

Angelides said that the tactic consists of "mischief-making" and had Goldman subpoenaed to meet with the FCIC. The document dump included as much as 5 terabytes of data related to derivatives and other matters.

The FCIC must complete its report to Congress by the end of the year and Angelides believes that Goldman is trying a "a very deliberate effort to run out the clock." To bolster its claim, the FCIC also released a timeline of its requests from Goldman officials [See FICI timeline pdf].

"We did not ask them to pull up a dump truck to our offices to dump a bunch of rubbish," Angelides told reporters on a conference call. "We should not be forced to play 'Where’s Waldo?’ on behalf of the American people." 

Edited by: Sean Hanna, Editor in Chief

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