Are we seeing a replay of the Goldman Sachs (NYSE: GS) controversy over its AIG (NYSE: AIG) hedges? It sure seems that way. The Financial Crisis Inquiry Commission is bent on answering a fundamental question: What role did Goldman Sachs' derivatives operations play, if any, in the financial crisis that still lingers?

The FCIC has been frustrated with the lack of cooperation from the gilded bank, just as people were frustrated by the bank's perceived lack of cooperation in providing information about its counterparties on its AIG hedges. In the case of the latter, information was finally released by Congress that in some ways supported the bank. As regards to derivatives, the bank claims it does not keep detailed information about revenue from specific derivatives trading and that such information would not be useful apart from information about hedged positions that were related to the trades--a position that has the FCIC voicing skepticism.

As of now, the FCIC is threatening to audit Goldman Sachs' derivatives business. We'll just have to see where this goes. Goldman Sachs would be wise to at least try to generate the information, even if the caveats are voluminous. The last thing you want to do is appear evasive and escalate the issue, a point proven by the AIG counterparties dispute.

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