Watchdog hits out at Goldman probe response

GOLDMAN Sachs has been slammed by the US Financial Crisis Inquiry Commission (FCIC) after it responded to a subpoena for information by “dumping a load of rubbish” outside the organisation’s office.

Goldman supplied 2.5bn pages of information while failing to answer some key questions, according to commission chairman Phil Angelides.

The FCIC had asked Goldman to provide documents and grant interviews in connection with the panel’s probe into whether investment banks exacerbated the financial crisis.

Angelides said other banks had received and complied with similar FCIC requests.

A Goldman spokesman said: “We have been and continue to be committed to providing the FCIC with the information they have requested.”

Goldman shares fell $3.72, or 2.6 per cent, to close at $138.68 on the New York Stock Exchange yesterday.

The claims are another PR blow to the investment bank, which was sued for civil fraud by the US Securities and Exchange Commission in April. Goldman denies charges it misled investors over the sale of collateralised debt obligations.