By John D. McKinnon
A blue-ribbon panel investigating the financial crisis announced dates for its upcoming hearing into the role of derivatives in the meltdown. The two-day hearing on June 30 and July 1 will include witnesses from Goldman Sachs Group Inc., American International Group Inc. and various federal and state regulatory agencies.
The Financial Crisis Inquiry Commission made headlines recently when it issued subpoenas to Goldman Sachs, saying the firm had failed to comply with its requests for documents and witness interviews.
FCIC Chairman Phil Angelides, the former California state treasurer, said the firm had dumped 5 terabytes of electronic data on the commission, roughly 2.5 billion pages, without any effective way of navigating the mass of information. He termed it “a very deliberate effort to run out the clock,” adding that “we should not be forced to play `Where’s Waldo’ on behalf of the American people.”
At the time, Goldman said it was committed to providing the FCIC with the information it requested.
The commission subpoena focused in part on transactions between Goldman and AIG, the huge insurer that became a major purveyor of credit-default swaps. Those are insurance-like derivative instruments that became a mainstay of the mortgage-securities business on Wall Street.
The federal government eventually bailed out AIG, a move that many critics say benefited Goldman. Goldman has disclosed receiving roughly $14 billion from AIG in mortgage deals that soured. The firm has said it didn’t retain much of the money, using it instead to meet its own obligations to clients.
The SocGen is an European financial entity, and is part of MERS….and ( YES, I have the doc. that prove that…name,..ph#,.. MERS ID#…, fax#,… etc.) Along with SocGen. I have also other European financial institutions that new about this fraud and did NOTHING TO STOP IT… THEY PARTICIPATED , and now those are waiting to get the reward. ( YES I HAVE THE LIST WITH ALL MEMBERS, AND DETAILED NSTRUCTION..)
but WHO WILL WANT TO SEE THOSE DOC., OR DO SOME DECENT, REAL INVESTIGATION, INTO THIS MATTER THAT WILL NOT GO AWAY,)
The big players is sitting in the back seats protected by their “connections” to top level of our goverment…DON’T FORGET THAT ALL THIS FINANCIAL FRAUD HAVE ONE NAME..( MERS ) and I HAVE HARD EVIDENCE THAT LINKED ALL OF THEM TOGETHER ON THE SAME PAGE…INSTRUCTIONS AND ORDERS ON HOW TO GO ON WITH FORECLOSURES…. HOW TO CREATE FORGERIES…FAKE DOCUMENTS THAT LOOKS REAL… AND MOST SADLY… WHEN THEY LAUGH AT THE JUSTICE SYSTEM, FOR INABILITY TO UNDERSTAND THIS BIG GLOBAL FRAUD. (YES I HAVE THAT E-MAIL, INTERCEPTED FROM THEM..)
Some are now declaring that derivatives trading will be a less profitable endeavor over the next decade. Those who are not will be attending Derivatives Leaders Forum 2010, “Strategies for Increasing Profits under an Evolving Regulatory Framework” (http://www.DerivativesLeadersForum.com), July 22nd, New York City
I wonder why SocGen wasn’t invited to the party?