A government source has told Reuters that Goldman Sachs CEO Lloyd Blankfein has hired Reid Weingarten, a high-profile Washington D.C.-based defense attorney.
Although Goldman Sachs continues to be investigated for their role in the financial crisis, Blankfein has not been charged with any wrongdoing, and it is unclear why he has chosen to obtain legal counsel.
Both Weingarten and Goldman Sachs have declined to comment to the media.
According to his firm profile, Weingarten, a partner at Steptoe & Johnson LLP, has represented many high-profile, white-collar defendants, including former WorldCom CEO Bernard Ebbers, former Enron Accounting Officer Richard Causey and former Tyco General Counsel Mark Belnick.
Shares of Goldman fell precipitously after the announcement. The price of $106.51 was down 4.7 percent from the previous closing price.