Goldman Sachs' Top Lawyer Resigns
Kathy Ruemmler, the top lawyer at Goldman Sachs, is resigning from the firm. Her abrupt departure comes amid fallout from the release of Epstein-related emails, which has brought renewed scrutiny to the bank and its executives.
- Before joining Goldman Sachs in 2020, Kathy Ruemmler was a partner at the law firm Latham & Watkins, where she co-chaired the white-collar defense and investigations practice. Her legal career also includes serving as White House Counsel to President Barack Obama and as a federal prosecutor where she was a co-lead prosecutor in the successful prosecution of former Enron CEOs. - At Goldman Sachs, Ruemmler was the Chief Legal Officer and General Counsel, serving on the firm's powerful Management Committee. She was also the Chair of the Firmwide Conduct Committee and Co-Vice Chair of the Firmwide Reputational Risk Committee, roles directly related to managing the bank's image and ethical standards. - Recently released documents, part of the Epstein Files Transparency Act, revealed extensive email correspondence between Ruemmler and Jeffrey Epstein. These communications occurred for years after his 2008 conviction for soliciting a minor for prostitution. - The emails show that Ruemmler provided legal advice to Epstein, including drafting a letter to the press to counter negative coverage and advising on how to respond to a grand jury subpoena. This has drawn scrutiny as she has publicly stated she never formally represented him. - Beyond legal advice, the communications show a close personal relationship, with Ruemmler referring to Epstein as "Uncle Jeffrey" and "sweetie" in emails. She also accepted expensive gifts from him, including a $9,400 Hermès bag and a $4,200 Fendi coat. - The nature of their relationship has raised questions about potential conflicts of interest and reputational risk for Goldman Sachs, especially given Ruemmler's senior role in overseeing conduct and reputation. Prior to the latest document release, Goldman Sachs had stood by her as earlier details of her connection to Epstein emerged. - In a statement regarding her departure, Ruemmler said, "My responsibility is to put Goldman Sachs' interests first." Goldman Sachs CEO David Solomon acknowledged her contributions, stating she had been an "extraordinary general counsel."
