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FCIC Says Goldman Sachs Played American People “for Chumps”

And now we know why the Financial Crisis Inquiry Commission decided to subpoena Goldman Sachs — not for a lack of information, but for a surfeit of it. CNBC’s John Carney has the story:

**Phil Angelides, the chairman of the Financial Crisis Inquiry Commission, said that while the overwhelming number of financial firms from which the FCIC has sought documents or information have complied, Goldman has not. Instead, Goldman has been “dumping” an overwhelming volume of documents on the FCIC, which has a staff of just over 50 people. **

“We did not ask them to pull up a dump truck to our offices to dump a bunch of rubbish,” Angelides said during a conference call following the announcement that the FCIC had sent Goldman a subpoena Friday.

The tone of both Angelides and FCIC Vice Chairman Bill Thomas was notably angry.

“We’re not going to let the American people be played for chumps here,” Angelides said. “We should not be forced to play ‘Where’s Waldo’ on behalf of the America people.”

“When we had Chairman Lloyd Blankfein testifying, he said Goldman was about market-making. Now it seems like it is also about mischief-making,” Thomas said.

Thomas said Goldman was deliberately delaying because it knows the FCIC must wrap up its investigation and deliver a report on the crisis at the end of the year. Angelides agreed, describing Goldman as making a “very deliberate effort to run out the clock.”

“They may have more to cover up than maybe we thought or they told us they did,” Thomas said when asked why Goldman would delay.

To state the obvious, enraging politicians with a public forum and media attention in the midst of the financial regulatory reform process? Not good for Goldman Sachs.

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