Goldman Drops on Report Blankfein Hired Lawyer

Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank by assets, fell 4.7 percent after Reuters reported that Chief Executive Officer Lloyd Blankfein hired defense lawyer Reid Weingarten.

The shares fell $5.25 to $106.51 at 4:15 p.m. in New York Stock Exchange composite trading. Reuters, citing an unidentified government official, didn’t specify when or why Blankfein hired Weingarten, a Steptoe & Johnson LLP partner whose clients included former WorldCom Inc. CEO Bernard Ebbers.

Blankfein hasn’t been charged with wrongdoing amid federal probes of Wall Street’s role in the housing boom and credit crisis. Weingarten and David Wells, a spokesman for New York- based Goldman Sachs, didn’t immediately respond to e-mail and phone messages seeking comment on the report.

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- Posted: 2011-08-23 11:00:50

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