Goldman Sachs' Credibility in Question
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Goldman Sachs’ Credibility in Question
By: CNBC.com
Goldman Sachs’ testimony before the Financial Crisis Inquiry Commission Thursday spurred skepticism and frustration among commission members when the investment bank claimed it doesn’t break out revenue and profit data from derivatives, Phil Angelides, chairman of the commission, told CNBC Thursday after the hearing.
The commission had some real questions of credibility about whether an institution as sophisticated as Goldman can’t tell whether it’s making money or losing money on the derivatives business,” said Angelides. “They have 1.2 million derivatives contracts and it just seems logical that they should be able to produce the management information to show us the scale of its business.”
Continue reading Goldman Sachs’ Credibility
in Question: FCIC Chairman
