Pros: After Hours Decline in Goldman Does Not Make It Bargain

”This is not a buying opportunity,” says Guy Adami.

”I would be cautious to make anything of it until we hear much, much more,” echoes Karen Finerman.

Those were the gut reactions from the Fast Money traders as they looked at the sharp sell-off in shares of Goldman Sachs on Monday after Reuters reported that CEO Lloyd Blankfein had retained high-profile criminal defense lawyer Reid Weingarten.

The move comes amid continuing investigations into Goldman's role in the financial crisis of 2007-2009.

Even though Goldman is trading below 1 times tangible book, and that may seem awfully tempting, the Fast traders agree that the prudent move is to just stay away. There are just too many unknowns.

"The problem with lawsuits and lawyers is that you never know the outcomes. Fear of the unknown is the issue," adds Anton Schutz of Mendon Capital.

It's worth noting that Blankfein has not been charged in any civil or criminal case, and it was not immediately clear why he hired Weingarten.

”It’s absurd to think the Lloyd has to protect something specific that we don’t know about,” says a clearly agitated Tim Seymour. He thinks the government is looking for a scapegoat for the financial crisis and Goldman has landed in the cross hairs.

If you have an appetite for risk and just can't resist trading these developments, trader Joe Terranova says don’t play it short. “I’d step back and wait to see when the stock bottoms then hit the buy button. Goldman remains a great capital markets play,” he says.

It's worth noting that Guy Adami's aversion is not necessarily stock specific. "I would not foray into any financials, here,” he says. "I think there's further room on the downside, across the sector."

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Trader disclosure: On Aug 22, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL); Seymours own (BAC); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Finerman and Finerman’s firm own (AAPL); Finerman owns (BAC) and Finerman’s firm own (BAC) leaps; Finerman’s firm owns (HPQ) puts and Finerman owns (HPQ); Finerman owns (JPM) and Finerman’s firm owns (JPM) stock and (JPM) leaps; Finerman's Firm Is Short (IWR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (XRT); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Terranova owns (XOM); Terranova owns (IBM); Terranova owns (VRTS); Terranova owns (AAPL); Nations is long (SPY); Nations is long (TLT)

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