Federal Commission Says Goldman Sachs Is Holding Back Information

A plaque in Goldman Sachs's Hong Kong office. Richard A Brooks / AFP-Getty Images

The federal panel investigating the financial crisis subpoenaed Goldman Sachs on Monday for information on the company's role in contributing to the recession. The commission had to resort to the measure, reports the Los Angeles Times, after an initial request was met with stonewalling from Goldman.

When asked for the information, the firm sent the Financial Crisis Inquiry Commission 2.5 billion pages of electronic documents without any clue as to the pertinent sections. A spokesman for Goldman Sachs told the Times the bank has "been and continue[s] to be committed to providing the FCIC with the information they have requested."

The commission, reports the Times, is not buying it. Chairman Phil Angelides told reporters in a conference call that "we did not ask them to pull up a dump truck to our offices to dump a bunch of rubbish." In announcing the subpoena, the FCIC released a list of the various ways in which the bank had delayed, provided incomplete information, and dodged requests for interviews. And last month the commission wrote in a letter to the financial firm that its members "did not understand the continual delays and the inability or unwillingness to provide the information requested despite the fact that commission staff had granted extensions for Goldman to respond and had participated in numerous written and verbal communications."