By John Galt
August 22, 2011 – 16:25 ET
Oh the temptations to add a lot of commentary to this but here is an excerpt from the Reuters story:
By Andrea Shalal-Esa
WASHINGTON (Reuters) – Goldman Sachs Chief Executive Lloyd Blankfein has hired Reid Weingarten, a high-profile Washington defense attorney whose past clients include a former Enron accounting officer, according to a government source familiar with the matter.
Blankfein, 56, is in his sixth year at the helm of the largest U.S. investment bank, which has spent two years dodging accusations of conflicts of interest and fraud.
The move to retain Weingarten comes as investigations of Goldman and its role in the 2007-2009 financial crisis continue.
The Securities and Exchange Commission scored a $550 million settlement against the bank in a fraud lawsuit in July 2010, but other investigations continue.
“Why do you bring in someone like that?” said the source, who was not authorized to speak publicly. “It says one thing: that they’re taking it seriously.”
Blankfein has not been charged in any civil or criminal case, and it was not immediately clear why he hired Weingarten.
David Wells, a spokesman for Goldman, declined to comment.
<EXCERPT – CLICK ON THE HEADLINE TO READ THE FULL STORY>
Needless to say the stock reacted well to this news (not):
With gold topping $1900 and GS breaking the treasured and vital $110 support area, needless to say everything is setting up for a massive market crash in September.
Here is my dedication to Mr. Lloyd: