News Blankfein Hires Prominent Defense Attorney Send GS Stock Tumbling, Gold Futures

[JohnQPublic]

News Blankfein Hires Prominent Defense Attorney Send GS Stock Tumbling, Gold Futures Soaring Over $1900 (http://www.zerohedge.com/news/news-blankfein-hires-prominent-defense-attorney-send-gs-stock-tumbling-gold-futures-soaring-ove)

Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 08/22/2011 16:09 -0400



Enron (http://www.zerohedge.com/taxonomy_vtn/term/11625)
Goldman Sachs (http://www.zerohedge.com/taxonomy_vtn/term/197)
goldman sachs (http://www.zerohedge.com/taxonomy_vtn/term/126)
Lloyd Blankfein (http://www.zerohedge.com/taxonomy_vtn/term/9655)
Reuters (http://www.zerohedge.com/taxonomy_vtn/term/9184)



For a perfect ending to a schizophrenic day we go to Reuters which has just reported that Goldman's CEO has hired high profile defense attorney Reid Weingarten. The market is not waiting to find out the details, and GS stock is tumbling. What has alos happened is that gold futures punched through $1900 for the first time ever. $2000 is the next target, and will likely be taken out within the week.
GS stock:
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Screen%20shot%202011-08-22%20at%204.01.04%20PM.png
And gold:
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Screen%20shot%202011-08-22%20at%204.12.29%20PM.png (http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Screen%20shot%202011-08-22%20at%204.12.29%20PM.png)


From 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.
"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.
Weingarten did not respond to requests for comment.
Something big is about to hit the tape, and this time Goldman won't be able to put the whole blame on a twenty-year old Frenchman.

[Silver Moon Rising]

http://www.zerohedge.com/news/news-blankfein-hires-prominent-defense-attorney-send-gs-stock-tumbling-gold-futures-soaring-ove

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Screen%20shot%202011-08-22%20at%204.01.04%20PM.png

[Silver Moon Rising]

That's a big dump after hours...wonder what the news is?

According to this Reuters exclusive (http://www.reuters.com/article/2011/08/22/us-goldman-blankfein-idUSTRE77L5VK20110822):


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.

[Plastic]

And this now as well.

Reuters (http://www.reuters.com/article/2011/08/22/us-goldman-blankfein-idUSTRE77L5VK20110822) says the hire might have something to do with accusations of Blankfein's committing perjury. Or something else:
One former federal prosecutor, who was not authorized to speak publicly, said Blankfein may have hired outside counsel after receiving a request from investigators for documents or other information.

http://www.businessinsider.com/blankfein-hires-weingarten-2011-8

The look on his face in the pic is classic deer in the headlights.

[MAGNES]

Look at the volume, lots of 300K bars. Billions of dollars traded.