Gene Hackman wouldn't have been fooled: Goldman data dump

A federal panel has issued a subpoena to Goldman Sachs after the firm dumped a billion pages of documents in response to requests for information. I guess you could say the panel wasn’t amused.

Cue up Gene Hackman and the 1991 film “Class Action,” a legal thriller that pits father against daughter (Mary Elizabeth Mastrantonio) in a suit involving an auto maker — think Pinto and Ralph Nader. The film turns on the ability of the lawyers to manipulate a data dump:  SPOILER ALERT!  Will the key players notice missing documents in the mounds of paper? Will someone be able to slip in incriminating material?  I seem to recall Mastrantonio muttering: “It’s a f***ing Library of Congress!”  (See trailer at bottom of post.)

Next question: Who will play panel chairman Phil Angelides in the inevitable movie, “God’s Work”?

June 7 (Bloomberg) — Goldman Sachs Group Inc. was subpoenaed by the Financial Crisis Inquiry Commission after panel members said the most profitable firm in Wall Street history engaged in a document “dump” to hinder a probe.

Goldman Sachs sent more than a billion pages of documents, FCIC Vice Chairman Bill Thomas said on a conference call with reporters today. Not all of the information is what the panel requested, and Goldman Sachs didn’t cooperate with requests to interview Chief Executive Officer Lloyd Blankfein, Chief Operating Officer Gary Cohn and Chief Financial Officer David Viniar, FCIC Chairman Phil Angelides said.

“We did not ask them to pull up a dump truck to our offices and dump a bunch of rubbish,” said Angelides, 56, who previously served as California’s treasurer. “This has been a very deliberate effort over time to run out the clock.”

via Goldman Subpoenaed After FCIC Says Firm Slowed Probe (Update1) – Bloomberg.com.

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6 thoughts on “Gene Hackman wouldn't have been fooled: Goldman data dump

  1. This raises a very strong suspicion that “there is something there”. Something big, and devastating, that could rock the financial world may be in that heap. Nobody wants to loose this hell storm for fear that it could sink the equities markets for some time. If this hidden wrong is not discovered and corrected, the future price to pay may be far greater than the medium term shock potential. This commenter is betting that GS is going to come unglued sooner than later. In the long run, it will be a good thing.

    • The document dump certainly doesn’t pass the smell test. But I don’t think it would be a good thing if Goldman went under. Rather I suspect it will need to become a private partnership where it will be forced to pay the price for its actions — not us.

      • You’re right. Belly up is not good. But these people have done some really bad things and the financial industry must learn what it is that they did and how they executed their strategies (prosecutable acts or otherwise) and prevent it form recurring.
        In the overall, the US must return to it’s greatest strengths: creative enterprise. Not creative profiteering. When investment banks started hiring physicists to concoct algorithms, the decadence had already set in. Said physicists should have been busy physicisting. The last time a similar stunt was pulled, it was at Vegas.

  2. Is it too late to bring back the public stockade for these arrogant a**holes? Better yet, I’d like to see them hung from the Washington Monument by their respective scrota, while the government seizes their Hamptons houses and puts them up for auction.

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