News Blankfein Hires Prominent Defense Attorney Send GS Stock Tumbling, Gold Futures Soaring Over $1900

Tyler Durden's picture

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:

And gold:

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.

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lolmao500's picture

Maybe he should hire his ex VP...

http://www.truth-out.org/goldman-sachs-vp-changed-his-name-now-advances-...

Goldman Sachs VP Changed Name, Now a Top Congressional Staffer

ThinkProgress has found that a Goldman Sachs vice president changed his name, then quietly went to work for Issa to coordinate his effort to thwart regulations that affect Goldman Sachs’ bottom line....In a few short years, Haller went from being in charge of dealing with regulators for Goldman Sachs to working for Congress in a position where he made official demands from regulators overseeing his old firm.

Duuude's picture

lolmao500

 

*****

 

Great find, deserves a look at by TD

 

 

 

Ahmeexnal's picture

Don't forget two-face bernoccio. When he's not out printing money, he puts on fake eyebrows, changes his name to "Farmacist" and drives HP into bankruptcy.

Boba Fiat's picture

+1913.

 

Gold's new high # (coincidentally the year of the Fed's inception).  F U FED!  Are you not entertained?!

 

http://www.youtube.com/watch?v=FsqJFIJ5lLs

FEDbuster's picture

To Lloyd and every other bankster out there "doing God's work", JUMP YOU FUCKERS!!!

http://www.youtube.com/watch?v=yge311sFhC8

shansnv's picture

This is first time i visit this post. I collected so many interesting things from your site. From the tons of comments on your posts, I guess I am not the only one having all the enjoyment here. Keep up the good work.

thermage Sydney

tom a taxpayer's picture

 

Lloyd and Goldman Sachs are going to need an army of defense attorneys, as one thing leads to another. White collar criminals are easy to sqeeze, to spill the beans. Prosecutors love the song "One Thing Leads to Another" by the aptly titled band The Fixx.

The impression that you sell

Passes in and out like a scent...

You've seen your name on the walls

And when one little bump leads to shock miss a beat

You run for cover and there's heat, why don't they: 

Do what they say, say what they mean

One thing leads to another

You told me something wrong, I know I listen too long

But then one thing leads to another

One thing leads to another 

http://www.youtube.com/watch?v=pIe-Cj071l0

 

Use of Weapons's picture

OId news - without the name change angle, its business as usual - basic hand-holding job making sure the Congressman crosses the T's and doesn't appear too clueless when presenting the pro GS legislation. I covered it last time it was mentioned here (last week some time) - rumour is that the guy was 'let go' from GS [one presumes not sharp enough]. Bio is econ Gov > GS lowtime > Gov aid. Hardly unusual for the revolving doors.

 

Hmm, what? You're shocked when a paid for Congressman puts in pro-business (donators) legislation?

 

ALEC isn't. http://www.alecexposed.org/wiki/ALEC_Exposed

Nor is the Chamber of Commerce.

Freddie's picture

Goldman and squid man must have been slow in their Obama 2012 donations.   Pony up the cash or Holder and the DOJ will visit.

+1 to Tyler for the find.

BaBaBouy's picture

 

Just O Bummah's boy ...

 

It's all in "The Family", it's All Good ...

 

Now lets have another $3 Trillion PLAY MONEY for the Wall Street Biggies ...

Sophist Economicus's picture

"truthout and ThinkProgress"  = LOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOL

kridkrid's picture

Is the article wrong?  I read it a couple of days ago.  I figured it was true... it pretty much matches what I view as the revolving door between regulator and the industry over which the regulator is to regulate.  But if it the article is false, I would like to know. 

gunsmoke011's picture

Finally confirmed on CNBC - so you know it must be true because if not - they would sweep it as far under the rug as they could. According to CNBC - this has something to do with possible obstruction of justice charges in his testamony before the Congress last year. Needless to say - this could be just the first shoe to drop and could be - well -- BIG!

Sophist Economicus's picture

No, the article is right, I believe.    The publications have a 'filter' - that's what's funny when I see the stuff quoted here.   The post by EB in the guest section detailed a Roach Motel of folks that stole hundreds of millions from tax payers, yet, that won't be a spotlight for Maya Schenwar or her 'followers' because it isn't truth worth searching for....

slewie the pi-rat's picture

omg!  you got 5 junxz!  a racoon, too!  the trolls are out tonite, sophi_(a)micus! 

peace, love, and manure spreaderz to ya!

flacon's picture

Let him have God defend him - after all, he's just "doing God's work", right? God must be pleased with his "work".

DaveyJones's picture

He tried but God had a conflict

So he hired the Patron Saint of quality footwear 

Diogenes's picture

He's also going to need local counsel.

Translational Lift's picture

Could this be a case of Squid pro quo......??

rocker's picture

 Does this mean Bernie might be his Butt Buddy.  It just might have a different smell.

Randy Kruger's picture

Too bad his mother's maiden name wasn't Goldman :-) LMAO

Freddie's picture

Hey Tyler - NY Post is saying Blankfein might be connected to Raj Raj's freind the other Rajat Gupta on GS board.  Gupta supposedly in singing a lot of tunes to the Feds.   

http://www.nypost.com/p/news/business/why_lloyd_hired_criminal_defense_f8MLntuQ164unriOU0Aq1L

I am not pimping for the Post but that is a weird connection.

 

rubearish10's picture

Ideally, GS shuts down first then BAC.

InconvenientCounterParty's picture

So that leaves JPM to clean up the fragments of value? That's not working for me.

Sudden Debt's picture

Au & Ag

That's all I have to say about JPM.

slewie the pi-rat's picture

nope, me neither, but i have been advised to accept the things that i cannot change and that i ain't shit, rilly...if i'm honest with myself, ...every decade...or so...m/l...

Bolweevil's picture

For everything else, there's Shitibank.

King_of_simpletons's picture

Doing God's work has its rewards.

IMA5U's picture

but europe was higher today and lybia was liberated

uncle ben is going to stimulate the economy

 

how could goldman possibly be down?

rosiescenario's picture

.....labia was liberated?

Sudden Debt's picture

Well:

First Kadafi falls so they can steal his Gold.

Now Blankfein falls from Goldman S.

Coincidence? I THINK NOT!!!

 

Sophist Economicus's picture

Looks like Hugo's gonna get his gold and the LBMA will be safe after all...

Sudden Debt's picture

Seriously:

Goldman S. has been pushing their clients to buy Gold for years. I wouldn't be surprised if those clients are starting to ask for delivery and that this might be causing a problem for them. It's not the first time banks have been holding gold for clients that turned out not to be in the vaults.

Goldman might have been doing the same and using the money for other investments. And now these clients ask delivery they can't afford it anymore to buy it on the open market for their clients.

I'm just looking for some kind of reason why gold is booming like this these last few weeks and this could be one.

Wouldn't that be the joke of the day :)

I would be thrilled if JPM would also make a notice this or next week!

knukles's picture

Gold is rallying because;
The Nash Equilibrium has been broken.
Repairs cannot be made within the constraints of the current dominant party offering a Null Solution Set.
The Internet Reformation has rendered the classic Benaysian Perceptions Management process ineffective.
The Hegelian Dialect worked until it doesn't anymore.
The peasantry distains encroachments upon liberties and has come resistant to the New Versailles.

Substitute "Are we there yet?" with "We've arrived!"
"When the shit hits the fan." has transmuted into "Stand back; it's splattering large." 

Nothing works, all's broke, civility's died and confidence is extinct.  
Welcome to the New World Order.

 

Freddie's picture

+1

If Goldman is supposed to have gold that clients want delivered then no amount of spinning will save them.  My guess is Obama confiscates gold before GS goes down.

There should be gallows set up at Broad & Wall Street and also in DC.

Hugo Chavez is a POS but I think he is calling their bluff.

slewie the pi-rat's picture

also seriously:

where did the moQ fall?  not face down in your lap, i hope, my dear & respected friend!  MSM too much for you, today?

it's a bloodbath till they get him! who could have known? 

how cld anyone have known the s.o.b. is just real enuf to face death like the mighty bedouin warrior chief he has had such fun pretending to be? ...for the past 42 years...latest "reports" have him "hanging by a thread"  which is, actually, pretty fuking funny if ya think about it

what a fun way to protect innocent civilians!  (and make warbux, too!)  a nice destroyed modern & solvent nation, 10,000 (m/l) ordinance drops on "military"  targets, murder, mayhem, us drones clones, and now, a bloodbath, too! 

go ahead!  make slewie's day!

re lloyd (and perhaps not rilly related to libya & their gold (!)):  now that the goobermint is going after the ratings agencies, for real, 1) how "safe" doya think the blankster is?  2)  do ya rilly think prez0 called buffett (owner of "moody's" for "advice"?  L0L!!!   3)  wanna buy a bridge or hey!  howZabout this:  sum nice, upwardly mobile, paper gold?

what if the prez0 rilly does want to be re-elected?  maybe a little "justice" might help, or hasn't this strategy been published, yet, except, here, and ...now...

BiCheZ!

or are you, too, convinced that "superman" has brought us back to 2008 by "reverse spin"?

fyrebird's picture

Sushi: It's what's for dinner!

lolmao500's picture

This is all bullish too.

http://www.marketwatch.com/story/mortgage-delinquency-rate-rises-to-844-...

Mortgage delinquency rate rises to 8.44%: MBA

Mortgage delinquencies rose in the second quarter, a development that reflects the deterioration of the job market, the Mortgage Bankers Association's chief economist said on Monday. In the second quarter, the delinquency rate for mortgages on one-to-four unit residential properties reached a seasonally adjusted 8.44%, up from 8.32% in the first quarter, yet still down from 9.85% when compared with the second quarter of 2010, according to the MBA's quarterly delinquency report.

gunsmoke011's picture

Better rush out and buy some AAPL - looks like more money to spend on I Pads and other gadgets.

TruthInSunshine's picture

 

 

Yes, bullish!

Amerikranski and The unEconomicEuropeanUnion are both going to thrive as people sleep in their cars (about to be featured on Repo Games), eating iPad3 (Ramen Noodle Flavored), while President Hector Camacho (Obama) promises that he's going to sprinkle more cheddar on the inner cities & Brawndo on the green sharts (as The Bernank stockpiles anything of value for the meeters, greeters and beaters of Wall Street), Japan goes into a cosmic bunny hole repression [Japanese Housewives start stockpiling BOJ bonds like they're gold] and Chinese people wake up to the reality that gasoline and diesel are more than 78 cents a gallon when PBOC stops subsidizing basic necessities when it has to perform emergency surgery to stem the bleeding from the open jugular that is the toxic/decaying loans handed out by completely corrupt regional and local banks to anyone.

infinity8's picture

HAHAHAHAH! maybe he raped the maid - ?

those rich white guys all look the same.