Goldman’s Problems Continue with Threat of FCIC Derivatives Audit

Despite paying the largest penalty ever assessed against a financial firm by the Securities and Exchange Commission, Goldman Sachs is still an attractive target for government panels investigating the financial crisis. Goldman agreed to pay a $550 million settlement on July 15 in connection with the Abacus case in which the SEC alleged that Goldman failed to disclose key information regarding the portfolio selection process. Today, the Financial Times reported that Goldman is facing a separate inquiry by the Financial Crisis Inquiry Commission (FCIC) regarding the company’s use of derivatives.

Interesting Political Aspects of Buffett’s FCIC Testimony

Interesting Political Aspects of Buffett’s FCIC Testimony

Warren Buffett will testify today before the Financial Crisis Inquiry Commission (FCIC), the bipartisan committee that has been set up to investigate the causes of the financial crisis. The FCIC has been compared to the Pecora Commission which investigated the causes of the Great Depression in the 1930s. With the commission’s final report due on December 15, 2010, any recommendations will be made after the Congressional elections and well after the financial regulatory reform legislation passes Congress which makes one question whether the intent is to influence public policy or simply to serve political interests. Read this article for more information.


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