Goldman Sachs’ Blankfein: ‘We apologize’
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Goldman Sachs Group’s charm offensive continues.
From Bloomberg News:
Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs Group Inc., apologized for the firm’s role in some of the activities leading to the financial crisis. ‘We participated in things that were clearly wrong and have reason to regret,’ Blankfein, 55, said at a conference in New York hosted by the Directorship magazine. ‘We apologize.’
That could be a dangerous admission if plaintiffs’ lawyers are listening, but . . . there it is.
Separately today, Goldman announced that it would team with billionaire (and major Goldman shareholder) Warren E. Buffett to launch a $500-million program of loans and other assistance for U.S. small businesses.
Goldman, the most powerful (and profitable) Wall Street titan, has been pushing back at its critics in recent weeks after months of mostly just turning a deaf ear to them.
Last week, Blankfein asserted in a lengthy interview with the Times of London that Goldman served a ‘social purpose. . . . We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It’s a virtuous cycle.’
-- Tom Petruno