Lloyd Blankfein Hires High Profile Defense Attorney

Neither Blankfein nor goldman commented for the Reuters story, so we do not know with certainty if criminal or civil charges are pending.  However, the DOJ has been proceeding behind the scenes and it is likely that Blankfein hired Weingarten as a pre-emptive move to fight on his behalf to insure that no charges are ever filed.

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Reuters

(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 U.S. 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.

Continue reading...

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Meet Lloyd Blankfein’s Lawyer: Reid Weingarten

WSJ

we don’t know why or when Blankfein has hired an attorney. Goldman Sachs did not comment for the Reuters story.

Here is some nuggets about Blankfein’s apparent attorney, Steptoe & Johnson’s Reid Weingarten, an experienced Washington defense attorney.

Prior clients: Bernie Ebbers, the former WorldCom CEO convicted of fraud; Roman Polanski, the film director who has been wanted in the U.S. for decades-old charges involving having sex with a 13-year-old girl; Lauren Stevens, the GlaxoSmithKline attorney cleared of corporate misconduct; Former agriculture secretary Mike Espy, who won acquittal on corruption charges.

Quotable quotes: When Stevens, the Glaxo attorney, was cleared of misconduct by a judge, Weingarten said: ”We did not have a bad five minutes in that courtroom; if it had been a prize fight, they would have stopped it,” Weingarten was quoted.

“I feel like I’m in the French Revolution, defending the nobility against the howling mob,” Weingarten told BusinessWeek for a 2002 profile, referring to his corporate clients. “They want to guillotine these people without any evidence.”

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Background reading:

• Goldman Sachs Is Guilty (Everything About The SEC Case)

• Senator Clair McCaskill To Goldman Sachs Executives: "You Were The Bookie AND The House"

• The Goldman Sachs Hearings: 7 Cantankerous Hours Securitized Into A 5 Minute Super Clip (Comedy)

Comments

[john]

Could be anything... but I did find this tidbit...

http://www.nationalcenter.org/PR-Goldman_Sachs_050611.html

[snip]

"Goldman Sachs has failed to disclose the significant risks associated with its climate change business strategy. With approximately $3 billion of investments in renewable energy, shareholders have a right to know that changes in the political and scientific landscape can have a significant impact on those investments," said Tom Borelli.

"Shareholders should be advised that the profit potential of renewable energy is dependent on government action. Since renewable energy can't compete head-to-head with fossil fuels, the use of wind turbines and solar panels is reliant on government subsidies and mandates. Accordingly, future budget cuts to address our massive government debt could negatively impact the use of renewable energy," said Tom Borelli. Goldman Sachs petitioned the SEC to permit it to reject consideration of the proposal, but the SEC ruled in favor of the National Center for Public Policy Research.

[DailyBail]

What I think it means John is that DOJ has contacted Goldman to let them know they are considering filing charges. Much of the work of a good defense attorney in these cases is to hold discussions with prosecutors and either mitigate charges before they are filed, or prevent them completely.

[Planck]

The system is what needs pillorying here...and fixing. Blankfein is a schmuck who finds himself sucked into the big money game from NYC Housing Authority housing, and now he has to do what he has to do for his shareholders and others on Wall St who remain outside the sight lines, but who really control Congress, White House, SCOTUS...they will find plenty more where he came from hungry for a secure paycheque and breakfast cereal...that is what they are looking for.

Those nameless behind dynastic fortunes would love to have some faces like Blankfein to pin it on...especially ones of one certain religion...gave them cover numerous times before...

Don't fall for "one bad apple"...the system is broken...this capitalism needs fixing with strong democracy...or else it goes down just like every other time...down in violence and social collapse while the private jets provide easy escape for the puppet masters...SCOTUS gives them their campaign finance and "money as speech" cover and that is who is to blame for this at this late stage so many years after PACs overtook unions in raising money to buy Pols. Now,it is only a tiny minority served by this system. Blankfein is a pawn...with limited choices now... his Faustian Bargain is coming to a close...just for like all other working-class and middle-class kids who "made" good...

[PB]

@John...Goldman, JPM, UBS et al will get the laws they need to advance their investments when they want them. No problem for those dumb shareholders who are on a free ride. This is the game. Blocking competition and market manipulation all legal in John Roberts' "capitalist" America! Crony capitalist America that is...and the stagnant economy and unemployment stats show it...