WASHINGTON (MarketWatch) -- The Financial Crisis Inquiry Commission on Monday revealed it has issued a subpoena to Goldman Sachs Group Inc. charging that the mega-bank failed to comply with the panel's request for documents and interviews and instead provided the commission with 2.5 billion pages of documents in an attempt to run-out the clock.

"We should not be forced to play 'Where's Waldo' on behalf of the American people," said Phil Angelides, the chairman of the inquiry commission, in an interview with reporters. "In our view their [Goldman Sachs] conduct has been extraordinary. They are outliers. The overwhelming number of people and institutions have complied and complied in a timely basis."

The FCIC is charged with identifying the root cause of the financial crisis and making recommendations by December. Angelides said the panel is seeking information about Goldman's derivatives transactions, packaged mortgage securities and activities as a market-maker. So far the panel has conducted roughly 800 interviews with individuals at a variety of banks, credit rating agencies, regulators and other institutions.

The panel's subpoena, which was delivered on Friday, comes after Goldman GS, +2.12% Chief Executive Lloyd Blankfein and other top bank executives were questioned and, at times, harshly criticized by the commission at a January hearing for their role in the near collapse of the economy in 2008.

The panel also sought to set up private interviews with several officials at Goldman Sachs, including its Chief Executive Lloyd Blankfein and were rebuffed. However, Angelides said that once Goldman received the subpoena it has responded to the panel that it is seeking to schedule the interviews. The panel is also seeking to interview individuals they don't have the names of but are responsible for specific information.

Goldman Sachs issued a statement indicating that they have been accommodating to the panel's request.

"We have been and continue to be committed to providing the FCIC with the information they have requested," Goldman Sachs said in a statement.

Bill Thomas, the ranking member of the crisis panel, asked what Goldman has to hide.

"Why aren't they willing to comply with our request and what is it we would find if we could look at material as fast as possible?" Thomas asked. "It seems to me that they have more to cover up than what they told us. We are discovering that they didn't even answer the questions we requested in the voluminous information provided."

Thomas added that Goldman provided the panel with five terabytes of documents, which he argued represents roughly 2.5 billion pages of documents.

Goldman spokesman Michael Duvally declined to comment about whether the financial institution did provide 2.5 billion pages of documents.

At the panel's January hearing, Angelides and many members of the inquiry committee lashed out at Blankfein and other investment-bank executives, comparing the practice of packaging and selling "toxic" mortgage securities with that of someone who sells a car with faulty brakes and buys an insurance policy on the buyer of those cars.

Panel members asked questions about bank-executive bonuses they saw as excessive; a lack of provisions to "claw back" bank-employee pay when things are bad; and a need for investment banks to have "skin in the game" by retaining an interest in packaged securities they sell to investors.

So far the panel has issued 12 subpoenas. In April, the panel issued a subpoena to credit rating agency Moody's Corp. MCO, +1.44% for failing to provide the panel documents in a timely manner.