2010年6月11日金曜日

GS 嫌がらせは北朝鮮以上か

GSは、提出書類の再提出を要求された。
 2008年の金融危機の責任を追及している米議会の金融危機調査委員会
は、GSが数十億ページ分の関連資料を送り付ける非協力的な行為があった
と批判、強制力のある文書を発布して適切な内容の再提出を要求した。

FCIC幹部
「混乱させるための周到な行為だ。
想像以上に隠し事をしているかもしれない」

GS
「今後も要求された情報を提供することを約束する」

GSの金融危機関係の提出書類を単純計算すると、1取引書類を千ページ
としても、2.5百万件の取引になる。本当なのだろうか。
25億ページ=2.5百万取引×取引書類千ページ

北朝鮮が、核開発の疑惑をごまかすために米政府に提出した核施設の
稼働記録は、およそ2万ページだったが、GSの場合は、およそ25億ページ。
誰もが、北朝鮮以上にGSが隠し事をしていると感じる。
こう言う事で張り合わべきではないと思う。
やっぱり、倫理が破綻しているのか。

ヒル 北核施設資料検証せず合意の恐れ
GS訴追
GS 倫理の破綻か
GS 空売り違反で制裁金


Midnight Trader Financial Report: June 8th, 2010


Pitt Says Goldman May Lose Business From Stance on FCIC: Video


News Update: FCIC Subpoenas Goldman Sachs & Co. (NYSE:GS)


FCIC Subpoenas Goldman Sachs, Seeking Documents

---米議会、GSの大量データに激怒 「周到な混乱行為」---
2010年6月8日 11時17分
http://www.tokyo-np.co.jp/s/article/2010060801000315.html

 【ワシントン共同】2008年の金融危機の責任を追及している米議会の金融危機調査委員会は7日、金融大手ゴールドマン・サックス(GS)が数十億ページ分の関連資料を送り付ける非協力的な行為があったと批判、強制力のある文書を発布して適切な内容の再提出を要求した。
 GSは調査能力を超えるような大量の電子データを送付したといい、委員会幹部は「混乱させるための周到な行為だ。想像以上に隠し事をしているかもしれない」と激怒した。同委員会はことし1月から約1年の予定で危機の真相解明を進めており、多数の金融機関に資料提出を求めている。
 一方、GS側は「今後も要求された情報を提供することを約束する」とコメントした。


---ゴールドマンに書類提出を命令…米議会調査委---
2010年6月8日 読売新聞
http://www.yomiuri.co.jp/atmoney/mnews/20100608-OYT8T00706.htm

 【ニューヨーク=小谷野太郎】金融危機の原因究明を進めている米議会の金融危機調査委員会(FCIC)は7日、米金融大手ゴールドマン・サックス(GS)に対し、書類の提出命令を出したと発表した。資料の提出や社員らへの事情聴取を再三要請したにもかかわらず、GSが適切に対応しなかったためという。
 FCICはGSに対し今年1月から、低所得者向け住宅融資「サブプライムローン」関連の金融商品などにかかわる社内資料の提出や社員との面会を求めてきた。しかし、GSは提出期限の延長を何度も求めるなど、適切に対応しなかったという。
 GSは当初の期限から約3か月後の5月18日、約25億ページ分の膨大な電子データを提出した。FCICは、分析が困難な分量の資料を提出するなど、調査に非協力的とも受け取れるGSの姿勢を批判している。


---Goldman Hires Public Relations Executive From J.P. Morgan---
JUNE 8, 2010, 5:57 P.M. ET
http://online.wsj.com/article/BT-CO-20100608-714752.html?mod=WSJ_latestheadlines

NEW YORK (Dow Jones)--Goldman Sachs Group Inc. (GS), whose reputation has been bruised during the past year, has hired a senior public relations executive to help with damage control.

David Wells will join Goldman as a managing director after leaving his position as head of J.P. Morgan Chase & Co.'s (JPM) press office for Europe, the Middle East and Africa, according to people familiar with the matter. He is expected to join Goldman in three months after his contract with J.P. Morgan winds down, one of the people said.

He will be responsible for U.S. media strategy, and report to Goldman chief spokesman Lucas Van Praag, the people said.

Goldman's reputation has taken a beating in recent months after the government filed a civil-fraud lawsuit, and the firm has also been the target of a populist backlash after scoring record profits as many rivals collapsed during the financial crisis. Some executives and powerful alumni of Goldman had been talking about whether Chief Executive Lloyd C. Blankfein could survive the legal and public-relations storm swirling around the company, according to recent remarks by people familiar with the situation.


---How Goldman deals with the government---
Jun 8, 2010 10:59 EDT
http://blogs.reuters.com/felix-salmon/2010/06/08/how-goldman-deals-with-the-government/

Comment of the day comes from HBC, on the subject of the FCIC’s Goldman subpoena:
  Aww, cut Goldman some slack willya… They’re just not used to cooperating with the government. For years, it’s always been the other way round.

Stephen Gandel tries to do just that, turning the tables on the FCIC:
  Is anyone surprised that the FCIC got billions of documents? …
  The real question is what is the FCIC looking for, and does it even know…

How about calling up the heads of CDO trading at every other bank? Goldman wasn’t the only bank pitching synthetic CDOs. There are still a lot of issues that have been barely touched, and Phil, baby, its June, there ain’t that much time left.

Firstly, yes, the enormity of the Goldman document dump is surprising. The FCIC asked in January for “documents and information concerning Goldman’s synthetic and hybrid collateralized debt obligations based on mortgage-backed securities”, with a deadline of February 26. Goldman asked for an extension, and was given until March 5. Then Goldman asked for a second extension, and was given until March 8. And then Goldman’s submission was inadequate, but the FCIC allowed Goldman some time off because it was dealing simultaneously with requests from the Senate.

After the Senate hearings were over, at the end of April, the FCIC started badgering Goldman again, and was eventually told that the information would arrive on May 3; on May 4, more incomplete information arrived. Lots more back-and-forth resumed, and far from trying to help out, Goldman simply said that they had already provided everything asked for back on March 8. Eventually, on May 18, the five-terabyte document dump began: that’s roughly 2.5 billion pages. More back-and-forth, including a further incomplete submission on May 21; eventually the subpoena was issued on June 4.

You can see the running-out-the-clock here. And you can also see how the data dump was not a good-faith attempt to comply with the FCIC’s request. Gandel writes:
  They asked for all the documents for all the synthetic or hybrid deals Goldman has ever done on residential or commercial mortgages. Goldman did hundreds of those deals. And the offering documents alone for each of those deals would be hundreds of pages. The correspondence between bankers could be thousands of pages.

Fine. Let’s say 10,000 pages per deal, and 1,000 deals. That’s 10 million pages. Multiply by 10 for good measure, we’re up to 100 million pages. We’re still in the realm of a rounding error compared to the billions of pages that Goldman provided.

It’s worth remembering here that, pace Gandel’s broader point, Goldman is just one of many different lines of inquiry that the FCIC is pursuing. Yes, the FCIC is looking at other banks, and the ratings agencies, and all manner of other players in the crisis. It’s not like they’re concentrating on Goldman alone. And Goldman knows that, so they know also that if they’re obstructive and unhelpful, there’s not much that the FCIC is going to be able to do to them before its time runs out.

Except, you know, start pillorying them in public and serving them with subpoenas.


---Goldman Sachs stonewalling, federal panel says---
By Nathaniel Popper and Tom Petruno, Los Angeles Times
June 8, 2010
http://www.latimes.com/business/la-fi-goldman-crisis-20100608,0,7169870.story

The Financial Crisis Inquiry Commission subpoenas the firm, demanding information about its role during the mortgage meltdown and credit crunch.

Reporting from New York and Los Angeles -
Goldman Sachs Group Inc., already under fire for its actions leading up to the financial crisis, came under attack from a federal commission that accused it of refusing to divulge information, including documents detailing its controversial bets on the mortgage market.

Saying it had been stonewalled, the federal commission investigating the financial crisis on Monday took the unusual step of issuing a subpoena to Goldman that demanded information about the investment bank's role before and during the mortgage meltdown and credit crunch.

The panel, formally called the Financial Crisis Inquiry Commission, said it resorted to the subpoena after Goldman responded to an initial request by sending a massive amount of electronic documents - the equivalent of 2.5 billion pages - without saying where in those documents the answers to the commission's specific questions might lie.

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"We did not ask them to pull up a dump truck to our offices to dump a bunch of rubbish," commission Chairman Phil Angelides told reporters during a telephone conference call.

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

The commission provided a list Monday of the numerous instances since January of this year when Goldman did not respond to requests from the commission, or responded late or with incomplete submissions. It also said it had been stymied in efforts to get interviews with key Goldman executives.

In May, the commission wrote to Goldman and said that commission staff members "did not understand the continual delays and the inability or unwillingness to provide the information requested despite the fact that commission staff had granted extensions for Goldman to respond and had participated in numerous written and verbal communications," according to a document from the commission.

The commission's lashing out at the bank is the latest in a long line of PR blows absorbed by Goldman.

Long the most profitable and prestigious U.S. investment bank, Goldman emerged from the financial crisis stronger than any of its Wall Street rivals, but since then has endured harsh criticism for how it does business.

The Securities and Exchange Commission sued the firm in April, accusing it of fraud in its marketing of complex mortgage-related securities in 2007. Goldman has denied wrongdoing in the case. Since then, the company has been at the receiving end of a barrage of lawsuits, unsympathetic congressional hearings and unflattering articles.

Lloyd Blankfein, Goldman's chief executive, has talked in recent weeks about efforts the firm was making to improve its relationships with the public and government officials by becoming more open and transparent. But the latest development suggested to some on Wall Street that the company's openness campaign still had a way to go.

"These guys have a trading mentality - you try to collect as much information as possible and give as little information as possible, so they can gain and maintain the edge," said Larry Doyle, a former Wall Street trader who blogs about the financial industry. "Lloyd and team can talk all they want about implementing changes, but their DNA is such that it would require more than just some tweaks."

Goldman's reputation has deteriorated this year more than those of its largest rivals, according to a global poll by Bloomberg of investors and analysts, the financial data provider's news service reported Monday. Of those surveyed, 83% said Goldman's stature had diminished in the last six months. Next was UBS of Switzerland with 27%.

The panel said at least a half dozen other major U.S. banks had supplied it with detailed responses to its questions. Goldman was "the outlier," Angelides said.

"What have they got to hide?" commission Vice Chairman Bill Thomas asked during the call with reporters.

Congress created the bipartisan commission last year to provide a broad look into the credit-market debacle and the resulting crash in financial markets. Its final report is due in December.

Angelides said Goldman appeared to be making "a very deliberate effort to run out the clock" on the commission.

The vast majority of the hundreds of people and firms contacted by the panel have provided information without being compelled by subpoena, the commission said. But the investigators had to resort to subpoenas to get testimony last week from Moody's Corp. and billionaire Warren Buffett for a hearing on the role of credit-rating firms in the mortgage meltdown.

The news Monday helped push Goldman's share price lower. The stock closed off $3.57, or 2.5%, at $138.68 on a down day for the market overall and financial stocks in particular.

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