Goldman Sachs Apolgizes
15:39 UTC 17 Nov 2009 
2 Comments
From the Financial Times article:
Goldman Sachs on Tuesday apologized for its role in the financial crisis and pledged $500m – or about 2.3 per cent of its estimated bonus and salary pool for 2009 – over five years to help 10,000 small businesses across the US recover from the recession.
The moves come as Goldman tries to defuse a political and public backlash at its plans to share billions of dollars among top dealmakers after rebounding sharply from the turmoil and earning record profits in the first nine months of the year.
Lloyd Blankfein, Goldman’s chief executive, told a corporate conference in New York that the bank regretted taking part in the cheap credit boom that fueled the pre-crisis bubble. “We participated in things that were clearly wrong and have reason to regret,” Mr Blankfein said. “We apologise.”
Goldman Sach’s apologizing … maybe the theories behind 2012 are true. I thought I would see the end of the world before I would see a conscious out of GS…. even though the payoff is extremely weak compared to the estimated $21.8 Billion set aside for compensation for the year… oh and the fact that they profited from the demise of the mortgage backed securities they originally helped create which helped fuel the boom and bust of America.
Full article at: http://www.ft.com/cms/s/0/782afd66-d3bd-11de-8caf-00144feabdc0,s01=1.html?ftcamp=rss&nclick_check=1
IMO that was a mistake. They obviously need to spend some of that coin on media relations, because now they’ve admitted guilt.
I think they might be looking to get out ahead of what’s coming down the pipe, which sure ain’t sofa pillows and cotton candy.
Big time mistake… especially with how paltry the amount is.
Nobody wants pity from these guys with their dirty money!