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Saturday, May 1, 2010
We Told You So First: Why Goldman Senate Testimony May Backfire
This past week several Goldman Sachs managers and executives went before a Senate subcommittee to answer questions. Without getting into the merits or demerits of the SEC's pending civil suit or any hypothetical other civil or criminal case (and certainly without defending any of the conduct alleged or revealed thus far, some of which may be very troublesome for both the entity and certain individuals), I suspected that any testimony would be a mistake -- that is, from the perspective of individuals whose conduct may give rise to legal liability in both a civil and criminal sense. Now that the testimony has occurred, several commentators are agreeing with this caution. Read this Bloomberg News report.
Perhaps a common saying should be amended as follows:
It is better to remain silent, and be thought guilty, than to speak, and remove all doubt.
Eric Dixon is a New York attorney with extensive experience in the securities laws and corporate governance laws, internal investigations and complex investigations of sensitive matters. He may be reached at 917-696-2442.