Goldman Sachs CEO lawyers up

I realize, after weeks of posting threads like this, that very FEW members actually read the financial/economic threads.

I saw this article this morning, and to my surprise (even though I realize it's not a popular topic here) it still has not been posted.
money.cnn.com...

Goldman Sachs CEO Lloyd Blankfein has retained the services of prominent defense attorney Reid Weingarten.

Investors did not take the news well. Goldman (GS, Fortune 500) shares plunged in the final minutes of trading, following a report published late Monday by Reuters. Shares dropped almost 5% to $106.51 -- a fresh 52-week low. The stock lost another 1.5% in trading after the close.

Yeah.
Read on, here's why:

Weingarten, an attorney at Steptoe & Johnson, is one of the nation's premier white-collar crime attorneys. He represented WorldCom CEO Bernard Ebbers and former Enron accountant Richard Cause, among others.

In a statement to CNNMoney, Goldman spokesman David Wells confirmed that Blankfein has retained counsel.

"As is common in such situations, Mr. Blankfein and other individuals who were expected to be interviewed in connection with the Justice Department's inquiry into certain matters raised in the [Senate Permanent Subcommittee on Investigations] report hired counsel at the outset," Wells said.

In April, the Senate Permanent Subcommittee on Investigations released a report that was very critical of Goldman's activities in the housing market, saying the firm had misled both clients and Congress.

Gee, ya think? Really?
Good heavens above, I am beyond foaming at the mouth, beyond eye-rolling, beyond disgust. In fact, I think I'll just stay away from the news for a few days and then come back and see what SHTF. This is a disaster unfolding. I'm not even sure if I should make my mortgage payment when it comes due next week.....I don't want any part of this.
money.cnn.com...

There is a good chance Blankfein will go to prison and that's a good thing. He worked extremely hard for this opportunity and he deserves to take it. It's too bad, the other banksters will get to continue on with their operations unhampered.

reply to post by wildtimes


I've had the news on for two solid days now, and between the earthquakes and Libya, they've spoken little about anything else.

But yes, this has the makings for another big scandal. I hope, and I hope somebody goes to jail.

Goldman Sachs is our de facto government now. Whatever will we do
without our CEO?