Goldman’s Shares Tumble as Firm Hires Top Lawyer
By SUSANNE CRAIG and PETER LATTMAN
NYT
8:57 p.m. | Updated
Goldman Sachs’s actions during the financial crisis returned to haunt it with a fury on Monday afternoon.
In late trading, shares of Goldman tumbled nearly 5 percent, knocking $2.7 billion off the firm’s market value, after a report that the firm’s chief executive, Lloyd C. Blankfein, had hired a prominent criminal defense lawyer, Reid H. Weingarten.
Goldman, when confirming the hiring, portrayed it as routine, given the several government investigations faced by the firm. But the sharp reaction in the stock price showed the fragile nerves of investors, who are worried that potential legal liability could damage the firm and its earnings power.
(More here.)
NYT
8:57 p.m. | Updated
Goldman Sachs’s actions during the financial crisis returned to haunt it with a fury on Monday afternoon.
In late trading, shares of Goldman tumbled nearly 5 percent, knocking $2.7 billion off the firm’s market value, after a report that the firm’s chief executive, Lloyd C. Blankfein, had hired a prominent criminal defense lawyer, Reid H. Weingarten.
Goldman, when confirming the hiring, portrayed it as routine, given the several government investigations faced by the firm. But the sharp reaction in the stock price showed the fragile nerves of investors, who are worried that potential legal liability could damage the firm and its earnings power.
(More here.)
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