Summary Box: Financial crisis panel subpoenas Goldman; says bank is stonewalling investigation
By APMonday, June 7, 2010
Summary Box: Meltdown probe subpoenas Goldman
WHAT HAPPENED? A panel probing the causes of the financial meltdown subpoenaed Goldman Sachs Group Inc. for documents, information and interviews.
WHY NOW? The Financial Crisis Inquiry Commission says Goldman has tried to run out the clock by ignoring or obstructing the panel’s requests. Other investment banks are complying. The FCIC says it gave Goldman plenty of time to cooperate voluntarily.
WHY DOES IT MATTER? The subpoena is another blow to the public image of Goldman. The bank faces civil fraud charges from the Securities and Exchange Commission and is under investigation by the Justice Department and the New York state Attorney General. It is a focal point for public outrage over banks’ roles in the economic downturn.
