Goldman Slapped With Subpoena

Goldman Sachs can run, but they can't hide: On Monday the Financial Crisis Inquiry Commission, a 10-member panel created by Congress last year looking into the causes of the financial crisis, issued the Wall Street giant with a subpoena. The FCIC, charged with producing a final report by December of this year, insists that the firm has evaded requests for information: "We should not be forced to play 'Where's Waldo' on behalf of the American people," said Phil Angelides, the commission's chair. The panel has also called their behavior “abysmal” and “disturbing,” according to the Huffington Post. A Goldman spokesperson, however, said that the bank has been fully cooperative: "We have been and continue to be committed to providing the FCIC with the information they have requested." Recently, the FCIC has pressed Goldman on its use of derivatives in bet-hedging prior to the subprime meltdown. The commission may also focus on the relationship between Goldman and insurance firm AIG (American International Group, Inc.), which gave Goldman $16 million in mortgage deals after the government bailed it out in 2008.