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Goldman takes fraud case fight to Capitol Hill
By Stevenson Jacobs |
April 23, 2010, Friday
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Print Edition
Print Edition
GOLDMAN Sachs is taking its fight against a government civil fraud case to Capitol Hill.
Goldman CEO Lloyd Blankfein will testify before a Senate panel on Tuesday in what are expected to be his first public comments on the Securities and Exchange Commission's lawsuit charging that the bank defrauded two investors, according to a person familiar with the plans. He spoke on condition of anonymity because the appearance hasn't been publicly announced.
A 31-year-old Goldman employee at the center of the lawsuit, Fabrice Tourre, is also expected to be questioned at the hearing, according to media reports. Goldman Sachs Group Inc spokesman Samuel Robinson declined to comment on the reports.
Blankfein will answer questions before the Senate's Permanent Subcommittee on Investigation, which is investigating the role of major banks in the subprime mortgage crisis, according to the person. Blankfein agreed to appear before the panel before the SEC sued the bank but is expected to take questions on the case. The panel declined to comment.
Goldman's willingness to answer questions in such a public forum suggests the investment bank is trying to get out in front of the SEC case, said Christopher Whalen, managing director of Institutional Risk Analytics.
"There's no place to hide, so if I were advising Mr Blankfein I would tell him to get out there and tell the story," Whalen said. "Securities fraud claims are difficult to prove, especially a civil claim, so I think Goldman has an even chance of winning in court."
Goldman CEO Lloyd Blankfein will testify before a Senate panel on Tuesday in what are expected to be his first public comments on the Securities and Exchange Commission's lawsuit charging that the bank defrauded two investors, according to a person familiar with the plans. He spoke on condition of anonymity because the appearance hasn't been publicly announced.
A 31-year-old Goldman employee at the center of the lawsuit, Fabrice Tourre, is also expected to be questioned at the hearing, according to media reports. Goldman Sachs Group Inc spokesman Samuel Robinson declined to comment on the reports.
Blankfein will answer questions before the Senate's Permanent Subcommittee on Investigation, which is investigating the role of major banks in the subprime mortgage crisis, according to the person. Blankfein agreed to appear before the panel before the SEC sued the bank but is expected to take questions on the case. The panel declined to comment.
Goldman's willingness to answer questions in such a public forum suggests the investment bank is trying to get out in front of the SEC case, said Christopher Whalen, managing director of Institutional Risk Analytics.
"There's no place to hide, so if I were advising Mr Blankfein I would tell him to get out there and tell the story," Whalen said. "Securities fraud claims are difficult to prove, especially a civil claim, so I think Goldman has an even chance of winning in court."
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