Deep inside some law firms and consultancy groups in London and New York, some highly sensitive private conversations are under way. The issue at stake is Goldman Sachs. More accurately, whether it makes commercial sense for lawyers and consultants to offer their services to Goldman in the months ahead.
After all, in the week since the Securities and Exchange Commission launched its broadside against Goldman, a host of juicy details about the bank's dealings in the collateralised debt obligation world have tumbled out.
Thus far – as my colleague John Gapper pointed out earlier this week – it remains unclear whether all these colourful titbits will ever produce a tangible, successful prosecution in court. The strength of the case against Goldman is uncertain.