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Goldman Joins Buffett in Subpoena Elite

Goldman Sachs has received a subpoena from the Financial Crisis Inquiry Commission, joining Warren Buffett in an exclusive club.



) -- Getting subpoenaed by the Financial Crisis Inquiry Commission is fast becoming a badge of honor.

Goldman Sachs

(GS) - Get Report

has now joined

Berkshire Hathaway

(BRK.A) - Get Report

Chairman and CEO

Warren Buffett

in the elite group to get subpoenaed by the Financial Crisis Inquiry Commission, which is taking Goldman to task for "failing to comply with a request for documents and interviews in a timely manner," according to a press release issued Monday.

"We have been and continue to be committed to providing the FCIC with the information they have requested," wrote a Goldman spokesman via e-mail to


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Late last month, the FCIC was forced to subpoena Buffett to get him to discuss the role credit ratings agencies played in the crisis. Berkshire is the largest investor in

Moody's Investors Corp.

(MCO) - Get Report

, one of the main agencies.

You have to wonder, if the teacher makes the two smartest kids in the class put on the dunce cap, won't other students (or financial companies, in this case) feel left out if they don't get a chance to wear it too?

An FCIC spokesman wrote via email the Commission has issued 12 subpoenas to date, including ones to Goldman, Buffett, former Moody's whistleblower Eric Kolchinsky, and former Moody's president and COO Brian Clarkson.

Not quite Goldman or Buffett status, those ex-Moody's guys, but fashions come and go. The dunce cap that looked too pointy in the spring may be all the rage in the Hamptons this summer.

Goldman shares were off 70 cents to $141.55 in midday trades. Volume of 4.4 million compared to the issue's trailing three-month daily average of 17.8 million. The stock is down nearly 16% so far in 2010, reflecting its pullback since mid-April when the

Securities and Exchange Commission

filed civil fraud charges against it, alleging disclosure discrepancies in its marketing of a CDO comprised of mortgage-backed securities to investors.

The Financial Crisis Inquiry Commission was created in May 2009. The 10-member, bi-partisan group is chaired by Phil Angelides, a former California State Treasurer. The commission is expected to deliver a report on its findings in December.


Written by Dan Freed in New York