Goldman brings on insider trading cop

|About: Goldman Sachs Group Inc. (GS)|By:, SA News Editor

Keep your friends close and your enemies closer? Goldman Sachs' (GS -0.7%) new vice president in the bank's compliance, supervision, and strategy group is FBI veteran Patrick Carroll. During Carroll's near 25-year career at the FBI, he oversaw the Bernie Madoff investigation, and helped pioneer the use of wiretaps which yielded dozens of insider trading convictions (including a leading role in the Raj Rajaratnam prosecution).

“It’s really about how Goldman is reacting to the tidal wave of litigation that now seems to be part of the ongoing government toolkit for regulating banks," says NYU professor Roy Smith.  “It can help to have some people who know how government prosecutors and investigators think, some guy who has the mindset of an alligator.”

Source: Bloomberg

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