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EDITOR’S NOTE: When the walls start to crumble as they are at Goldman, BOA, Citi and Chase, the biggest fear that emerges is who is going to “flip” and turn into the prosecution’s star witness. Then the race starts to be the first because those who attain that status get the best deal including the possibility of immunity. As things progress, I believe we will be startled at how fast things start to unravel. The veil of mystery has been pierced already and now the prosecutors and regulators are digging down deeper to the real facts. The banks while still exerting substantial influence over the popular narrative through the media, are losing grounds on all fronts. People who work for the banks and know exactly where the skeletons are hidden or have important clues for tracing the money, are thinking about the value of offering themselves to the prosecutors in exchange for a deal. Some are there already.
FEAR IS REPLACING SENSE OF INVULNERABILITY
BY LIZ RAPPAPORT AND JEAN EAGLESHAM
Goldman Sachs Group Inc. executives expect to receive subpoenas soon from U.S. prosecutors seeking more information about the securities firm’s mortgage-related business, according to people familiar with the situation.
Officials at the New York company believe the Justice Department will demand certain documents and other information, possibly within days, these people said. Spokesmen for Goldman and the Justice Department declined to comment Thursday.
Subpoenas don’t necessarily mean criminal charges against Goldman or individuals at the firm are inevitable or even likely. The company turned over hundreds of millions of pages of documents to the Federal Crisis Inquiry Commission, a 10-member …
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