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Goldman Sachs in question

June 21, 2010
The Daily Mining Gazette

Six big investment banks have cooperated fully with the federal Financial Crisis Inquiry Commission's requests for information. But one, the Goldman Sachs Group Inc., has not, according to the FCIC.

Goldman Sachs officials claim they have provided all the documents sought by the commission. But the FCIC says that in some cases, specific information has not been provided. In others, Goldman Sachs has provided billions of pages of documents - in the knowledge the commission staff does not have time to sift through them all.

The FCIC was created to help learn what caused the financial system "meltdown" in 2008 and 2009. Goldman Sachs was a key player, and received federal bailout assistance.

FCIC officials have said they will subpoena information from Goldman Sachs, if necessary. That certainly ought to be done.

But if it is found the company was intentionally obstructing the commission's work, it ought to be penalized in other ways, too. Taxpayers certainly have provided enough bailout help to Goldman Sachs to expect cooperation from the company.



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