Still Calling the Shots

Goldman Sachs has inundated the Financial Crisis Inquiry Commission with data ” about five terabytes, equivalent to several billion printed pages ” and dragged its feet on answering detailed questions about derivatives securitization and other business activities, two panel members told reporter on a conference call.

“We did not ask them to pull up a dump truck to our offices and dump a bunch of rubbish.” the Panel Chairman added, “This has been a very deliberate effort over time to run out the clock.

–“Financial Panel Issues a Subpoena to Goldman Sachs“; The NY Times (6/7/2010)

No, I haven’t studied the minutiae of the financial reform package making its way through Congress now.

But when I read how Goldman Sachs is plainly thwarting the Financial Crisis Inquiry Commission . . . . I don’t have to. (Its tactic, well-known to litigators: ‘the data dump.’)

If the Commission had any legal authority or political clout, it would slap Goldman with the equivalent of contempt of court sanctions.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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