Wednesday, November 18, 2009

Goldman Sachs As The New Google: PR In Overdrive

Here is a follow-up on the Goldman Sachs "We are doing God's Work" story.

As expected, their PR and damage control people have kicked in overdrive.

From CNN today, "Shut up, Lloyd Blankfein!":

"Blankfein made a startling confession Tuesday. He apologized for Goldman's role in the financial crisis, saying that the bank "participated in things that were clearly wrong and have reason to regret."

"But it's tough to take Blankfein at his word. This mea culpa came a little more than a week after he made an embarrassing comment in an interview with the Financial Times, saying that he was just "doing God's work." Interesting. I don't believe there are any references to credit default swaps in the Bible, Torah, Koran or any other religious text."

"So it's no wonder that Blankfein has turned the spin cycle on over the past few months to try and send the message that Goldman Sachs is the Wall Street equivalent of Google, i.e. it won't do evil.

On Tuesday, Goldman announced that it, along with investing legend Warren Buffett, is launching a $500 million program geared toward helping small businesses".

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3 comments:

CEO Trader said...
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CEO Trader said...
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Paul said...

I find it interesting that GS would even care about public relation. It's not like average people like me would ever do business with them directly. Perhaps they don't and this is just throwing a bone out for show to shut up some dissents.

In the longer term, are they really going to expand their reach in everyday banking? If we see more of these stunts, then I'll start to believe.


Paul

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