Arthur Levitt: The last person Goldman Sachs needs as an advisor

Goldman Sachs (GS) announced the hiring of former SEC chairman Arthur Levitt as an adviser on public policy and other issues. Levitt was chairman of the SEC from July of 1993 to February of 2001, sitting idly by while the world watched the internet bubble build-up and crash, major conflict of interest scandals at top Wall Street investment banks and of course the implosion of companies like Enron and Worldcom. What does Goldman have to say about all that?

"Arthur's experience and deep knowledge of our industry will be of tremendous value to our firm," CEO Lloyd C. Blankfein said in a press release. "We look forward to having the benefit of his insight on a range of issues relating to the firm and financial services in general."