Goldman Sachs Chief Hires Top Lawyer

23 August 2011 - Which Way to Pay

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Goldman Sachs Chief Hires Top Lawyer

Goldman Sachs shares fell sharply today alongside the news that its chief executive, Lloyd Blankfein, has hired a top defence lawyer.

Blankfein and other executives at Goldman Sachs Group are facing inquiries from the Justice Department on the firm's practices leading up to the financial crisis.

It has been confirmed today by Goldman Sachs that Blankfein has retained Reid Weingarten from the law firm Steptoe & Johnson. Weingarten has a history of representing top corporate executives who have been charged with wrongdoing. Previous clients of Weingarten include the former WorldCom chief Bernard Ebbers.

In April of this year, a Senate committee released a report accusing the bank of profiting from betting billions against the sub-prime mortgage market. As well as this, the Senate committee believe Goldman Sachs to have misled Congress. The Justice Department started an inquiry shortly thereafter.

Goldman Sachs' shares fell 4.7% to US$106.51.

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