Goldman Sachs Sacking Up?
As Goldman Sachs has alloted more than $16.7 billion in bonuses to be paid to their employees this year, it seems their executives are starting to cave under the mounting pressure applied by the government and every day Americans. Goldman Sachs has announced a $500 million plan to join forces with Warren Buffett to provide assistance to 10,000 U.S. small businesses. The plan will help small businesses in the form of counseling and obtaining funding. $200 million will go to local community colleges and other universities to provide small business owners and entrepreneurs with practical business education and $300 million will go towards community development institutions. It's a good first step for Goldman, which has also had the foresight to apologize for their role in the financial crisis. "We participated in things that were clearly wrong and we have reason to regret and we apologize for them," said Goldman Sach's Chairman and CEO, Lloyd Blankfein. Still, $16.7 billion in compensation bonuses accounts for $527,192 for each Goldman employee. Right or wrong, at least Goldman is taking some much needed first steps in helping out our small business owners which provide 2/3 of all NEW jobs in the United States. You can read more about the plan here. Sincerely, Community Relations
Labels: Goldman Sachs, Merchant Circle, MerchantCircle, MerchantCircle.com, Small Business, Warren Buffett
posted by
MerchantCircle Staff
at
11/17/2009 03:51:00 PM
,
2 Comments:
I don't understand what the fuss is all about. They are thriving during this difficult time while many businesses are closing their doors. As long as the employees spend the money does it really matter?
Congratulations.
The crimes of Goldman or obscene.
Kudos to Matt Taibbi - for his July peice in Rollingstone, which really called this monster out - the best muckraking we've read in a while.
Goldman can keep its $500M tiny sliver of guilt. m
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The Great American Bubble Machine
Matt Taibbi on how Goldman Sachs has engineered every major market manipulation since the Great Depression
MATT TAIBBI
Posted Jul 02, 2009 | Rollingstone
In Rolling Stone Issue 1082-83, Matt Taibbi takes on "the Wall Street Bubble Mafia" — investment bank Goldman Sachs. The piece has generated controversy, with Goldman Sachs firing back that Taibbi's piece is "an hysterical compilation of conspiracy theories"
The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.
Any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.
They achieve this using the same playbook over and over again. The formula is relatively simple: Goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage. Finally, when it all goes bust, leaving millions of ordinary citizens broke and starving, they begin the entire process over again, riding in to rescue us all by lending us back our own money at interest, selling themselves as men above greed, just a bunch of really smart guys keeping the wheels greased. They've been pulling this same stunt over and over since the 1920s —
MORE- http://bit.ly/1X88rO
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