Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc. (NYSE: GS), has hired high-profile criminal defense lawyer Reid Weingarten.
This is a game changer even if we don't yet know where the fire is.
Blankfein has led the firm for six years and spent the past two dealing with allegations of conflicts of interest and fraud. A Senate report released in April said Goldman dumped subprime loan exposure onto unsuspecting clients during the mortgage meltdown and then in 2010 gave Congress misleading testimonials about the firm's actions.
So far, Blankfein has not been accused of any crime or crimes. That means, and I cannot stress this strongly enough, that he is innocent in the court of law - even if he is held slightly above pond scum in the court of public opinion for his and Goldman's role in causing the financial crisis.
goldman sachs group inc stock
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