Goldman taps ex-White House counsel for help: report

NEW YORK (BestGrowthStock) – Goldman Sachs Group Inc (GS.N: ) has hired Gregory Craig, a former White House counsel for President Barack Obama, to assist on political and legal matters, website Politico said, citing a source familiar with the firm.

Neither Goldman nor Craig immediately returned Reuters’ requests for comment. Craig is now a litigation partner at Skadden, Arps, Slate, Meagher & Flom LLP in Washington, D.C.

Politico quoted the source as saying Craig is “clearly an attorney of eminence and has a deep understanding of the legal process and the world of Washington. And those are important worlds for everybody in finance right now.”

On Friday, the U.S. Securities and Exchange Commission on Friday filed a civil fraud lawsuit against Goldman.

It alleged that the bank failed to tell clients that complex mortgage-related securities they were buying had been created by billionaire hedge fund investor John Paulson, who stood to benefit if the securities lost value.

Goldman has vowed to defend itself against the lawsuit. The case is spurring a more assertive push by Obama and other Democrats in Washington, D.C. for tighter financial regulation.

(Reporting by Jonathan Stempel; Editing by Anshuman Daga)

Goldman taps ex-White House counsel for help: report