Goldman Sachs has hired President Barack Obama’s former White House counsel, Gregory Craig, according to a Politico report.
Craig, presently in private practice at Skadden, Arps, Slate, Meagher & Flom, reportedly is slated to help the troubled firm through some rough waters.
“He is clearly an attorney of eminence and has a deep understanding of the legal process and the world of Washington,” a source said. “And those are important worlds for everybody in finance right now.”
The SEC charged the firm with securities fraud in a subprime mortgage deal that took place before the collapse of the housing market.
Goldman Sachs CEO Lloyd Blankfein will shortly face questions from the Senate Permanent Subcommittee on Investigations, which is looking into the causes of the housing crisis.
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