Friday, June 3, 2011

What took so long?

Its about damn time:

Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank by assets, was subpoenaed by the Manhattan District Attorney’s office for information on the firm’s activities leading into the credit crisis, two people familiar with the matter said.

The subpoena relates to the U.S. Senate’s Permanent Subcommittee on Investigations report on Wall Street’s role in the collapse of the financial markets, which accused New York- based Goldman Sachs of misleading buyers of mortgage-linked investments, the people said, speaking on condition of anonymity because the inquiry isn’t public.

The article goes on to say that it doesn't expect the company to be criminally prosecuted. And that's fine unless something is found that shows criminal wrongdoing. But this should have been done a while ago just for the sake of getting as much information about the crisis as we could. Given the bailout we gave them I think we are entitled to know what they knew.

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