Goldman subpoenaed by financial crisis commission
A government commission investigating the 2008 financial crisis has issued a subpoena to Goldman Sachs Group Inc, saying the bank failed to comply with a request for documents and interviews in a timely manner.
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 industry 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 shares were down $1.42 to $140.98 in afternoon trading.
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.
Disclosure concerns have followed Goldman 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 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.
The FCIC has shown a willingness to use its subpoena power. In April it issued a subpoena to Moody's Corp, saying it 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.
[Source: By Steve Eder, Reuters. New York, 07Jun10]
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