More interesting developments in the investigation into causes and culprits in the financial crisis: apparently Goldman Sachs is not voluntarily providing the documents requested by FCIC investigators in a precise and timely manner. They have drowned the commission in millions of electronic files, but not specifically and carefully what the commission is requesting. (The old ‘needle in a haystack’ approach.) The commission has now issued a subpoena compelling GS to provide specific items and cooperation.
I am not sure of the exact details here, but in my litigator days I recall vividly how big money can spend big legal fees to bury and subvert justice and truth. I think the Financial Crisis Inquiry Commission is correct to bring this story public. See Bloomberg: Thomas Says Goldman Is Attempting to`Inundate' FCIC If there is to be any restoration of faith in the financial system (and a civil society needs this), investment banks like Goldman have to see that they can no longer continue to game the regulators. There has to be zero tolerance now of big bank antics and political influence. If Americans are serious about change, taking a tough stance against Wall Street Banksters should be a pivotal issue in terms of which candidates win election in the US mid-terms this fall. We can hope.
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