Goldman Sachs, JP Morgan Subpoenaed Over Subprime

Thursday, July 30, 2009 , , , , 0 Comments

Indictments or it didn't happen? Uh, how about some subpoenas? That's a start.


A Senate panel seeking evidence of fraud tied to last year’s mortgage crisis has issued subpoenas to financial companies including Goldman Sachs Group Inc. and JPMorgan Chase & Co., said U.S. Senator Tom Coburn, a Republican from Oklahoma.

Coburn declined to say whether subpoenas were issued to other institutions. Frankfurt-based Deutsche Bank AG, Germany’s biggest bank by assets, also was sent a subpoena, according to a person with knowledge of the inquiry, who declined to be identified because the request isn’t public.

Coburn declined to discuss what kinds of information was requested by the Permanent Subcommittee on Investigations. Coburn, the highest ranking Republican on the subcommittee, said he approved issuing the subpoenas with Subcommittee Chairman Carl Levin, a Michigan Democrat.

The subpoenas don’t mean the financial institutions violated the law, Coburn said. “There is no indication that JPMorgan or Goldman Sachs did anything wrong,” he said.

Thomas Kelly, spokesman for New York-based JPMorgan, the second-largest U.S. bank by assets, declined to say whether the bank received a subpoena. The firm “always cooperates” with the government, he said.

Michael Duvally, spokesman for New York-based Goldman Sachs, the biggest U.S. securities firm before converting to a bank last year, declined to comment. Michele Allison, a New York-based spokeswoman at Deutsche Bank, didn’t respond to a call seeking comment.
Big effing deal.

Until the criminals are doing life in Gitmo, I don't want to see any dog and pony shows thanks!

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.