A big question mark hanging over the Goldman Sachs board right now concerns CEO succession.

About a month ago, the issue seemed a lot less complex, and we were seeing a spike in the number of stories about CEO Lloyd Blankfein stepping down and possible successors. The moment was ripe for such issues to be publically aired. The company had in many ways put the financial crisis and the resulting scandals behind it. The SEC charges had been settled. The company had commissioned a report on post-crash best practices and had implemented a number of the recommendations. The threat of a criminal prosecution had waned.

At the time, there was no reason for anyone to interpret Blankfein's looming retirement as something he was forced to do. It's important to him to have his retirement be interpreted as something he did on his own terms, which is understandable. Everyone wants to go out riding high. The board certainly understood.

How times have changed. As of now, one would have to conclude that the CEO succession plans may be delayed. That might explain the idea recently tossed around that Blankfein will stick around for two more years.

For this delay, the board can thank Senators Carl Levin of Michigan and Tom Coburn of Oklahoma and the entire Senate Permanent Subcommittee on Investigations. They have sent a letter to the Department of Justice and Securities and Exchange Commission asking them to take a close look at the committee's report on Wall Street banks' practices regarding CDOs. The results of the investigation painted an ugly picture of the banks and how they operate. But the really damning conclusion was voiced plainly by Levin: "In my judgment, Goldman clearly misled their clients and they misled the Congress." He has asked that the DoJ look into perjury charges. The DoJ and the SEC say they are indeed taking a look.

At the same time, the European Union has announced two major antitrust investigations into the world's top banks and their role in the derivatives markets, with a focus on anti-competitive practices designed to keep competitors out. The focus once again is the CDS market. Goldman Sachs is obviously one target.

It's fair to assert that this will affect Goldman Sachs' decision to transition to a new CEO. The last thing Blankfein or the board wants is to create an appearance that their hand is being forced. Until we get more clarity on how the DoJ and the SEC will respond to the Senate report, Blankfein will have to stay on as CEO. In all likelihood, we will not see perjury charges against Blankfein or other executives. Nor will we see any sort of criminal charges.

But it will take a while for that to become evident, and that will delay Blankfein's triumphant ride into the sunset. - Jim