Goldman Sachs Hires ex-White House counsel

President Barack Obama’s former White House counsel, Gregory Craig.

"On Friday, the SEC charged the firm with securities fraud in a convoluted subprime mortgage deal that took place before the collapse of the housing market. Next week, Goldman Sachs CEO Lloyd Blankfein will face questions from the Senate Permanent Subcommittee on Investigations, which is looking into the causes of the housing meltdown, the source said.

In Craig, Goldman Sachs will have help from a lawyer with deep connections in Democratic circles."

Many question the timing of this SEC civil prosecution of Goldman Sachs - and - if "the causes of the housing meltdown" will also probe those in Congress with their sticky fingers and greased palms inside the Freddie / Fannie corruption.

(yes, I'm serious!)

L.I. looks into the nuts-n-bolts of the Goldman Sachs prosecution and warns that the wealth envy/big banker haters shouldn't be too quick to cheer the SEC.

First, they came for the investment bankers and I didn't speak up....