The Financial Crisis Inquiry Commission (FCIC) issued a subpoena to Goldman Sachs & Co. [GS] for failing to comply with the panel’s request for documents and interviews in a timely manner.
The FCIC is investigating the 2008 financial crisis and will release a report with recommendations by the close of 2010. The 10 member bi-partisan Commission headed by Phil Angelides said that it is committed to using its subpoena power if there is a lack of, or delay in, compliance.
Phil Angelides and Bill Thomas, the chairman and vice chairman of the Financial Crisis Inquiry Commission, announced the subpoena, but did not specify the exact documents sought by the panel.
The commission is charged with looking into the causes and consequences of the financial meltdown. Congress set up the commission, which is slated to issue a report by the end of the year.