Goldman Sachs Testimony before the U.S. Financial Crisis Inquiry Commission (FCIC)
Goldman Sachs was requested to testify before the Financial Crisis Inquiry Commission (FCIC) on June 30, 2010 and July 1, 2010 as part of a hearing titled: "The Role of Derivatives in the Financial Crisis." On May 20, 2009, President Obama signed into law the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission. The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." The 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009. The Chair, Phil Angelides, and Vice Chair, Bill Thomas, were selected jointly by the House and Senate Majority and Minority Leadership.
Gary Cohn, President and COO, David Viniar, CFO, Craig Broderick, Chief Risk Officer, and David Lehman, Managing Director, testified from Goldman Sachs.
On January 13, 2010 Lloyd Blankfein testified to the Commission on the subject of causes of the financial crisis. READ MORE