Wednesday, November 18, 2009

Warren Buffet Reads My Blog... Well Not Really

So, it's starting to look like the folks at Goldman Sachs are paying attention to the PR people that they have hired to help repair their image.

Today the New York Times reported the following:
"After first staunchly defending its outsize profits and pay, and then bristling at calls for restraint in these tough economic times, Goldman is trying a new tack: It is apologizing for past mistakes that led to the financial crisis — and sharing at least some of its riches.
A little more than a week after Goldman’s chairman and chief executive drew fire for saying the Wall Street giant was “doing God’s work,” the bank said Tuesday that it would spend $500 million — or about 3 percent of the $16.7 billion it has so far set aside to pay its employees this year — to help thousands of small businesses recover from the recession."
You can read the whole article here.

Is this a victory for smart image control?  We'll have to wait and see.  I feel that this is a step in the right direction; however, is $500 million really enough? (Yeah, I just asked that.) 

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