Goldman Sachs accused of 'abysmal' response to financial crisis inquiry

9 June 2010

Goldman Sachs has been accused of obstructing the progress of the Financial Crisis Inquiry Commission by its "abysmal" response to requests for information.

Phil Angelides, the chairman of the commission, stated that the bank had been extremely unhelpful – failing to answer some questions on one hand, while providing five terabytes of data, equivalent to 2.5 billion pages, for the commission to root through on the other.

"We did not ask them to pull up a dump truck to our offices and dump a load of rubbish," he said.

Mr Angelides explained that the commission has now issued a subpoena compelling Goldman Sachs to provide documents when requested, as well as ensuring executives turn up for interviews.

This is not the first time Mr Angelides has criticized Goldman Sachs.

In February, he told the Financial Times that he was concerned about revelations about the bank which appeared to suggest it was creating and selling securities and then betting against them.

By Gary Cooper

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