New York bank Goldman Sach's deep ties to government could pay off now that the bank has been accused of fraud, analysts have said.

It was reported that the Securities and Exchange Commission filed charges against Goldman Friday, accusing the bank of selling investments secretly designed to fail, allowing those who bet short on the housing market to profit handsomely.

The Hill newspaper reported on Thursday that the SEC has taken on a bank with a long history of ties to the government, including $18 million spent on lobbying in the past 10 years.

Pivotal among personnel connections is Greg Craig, on President Barack Obama's legal team for his first year in office, who now works for Goldman Sach's law firm Skadden, Arps, Slate, Meagher & Flom.

The newspaper also said that in addition, Treasury Secretary Timothy Geithner's chief of staff is Mark Patterson, formerly a Goldman Sachs lobbyist.

Added Douglas Elliott, fellow at the Brookings Institution, said, "When you hear phrases like 'Government Sachs,' that is not good for them. But on the other hand, those relationships in Washington can pay off."

A bank lobbyist also said, "Goldman is impressive with their access and impact at all levels. Whether in Congress, White House or Treasury, you can clearly see their fingerprints everywhere."
(With Inputs from Agencies)