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.”