Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Shares  >  Nyse  >  Goldman Sachs Group Inc    GS

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Goldman Sachs Group, Inc. : Goldman Hasn't Gotten Everything Right In Dealing With Public-CEO

04/25/2012 | 01:07pm US/Eastern
   By Liz Moyer 
   Of  
 

On an uncharacteristic television interview blitz Wednesday morning, Goldman Sachs Group Inc.'s (GS) Chairman and Chief Executive Lloyd Blankfein admitted the company "hasn't gotten everything right" in its dealings with the public over the last few years.

He wants to change that.

Blankfien said Goldman hasn't "exercised its muscles" in dealing with the public and the media in the aftermath of the financial crisis, a period in which the firm has been repeatedly pilloried in the media for its seeming conflicts of interest and questionable business practices.

Two years ago, just about the time Blankfein last appeared on CNBC, the firm faced civil fraud charges by the Securities and Exchange Commission for its role in developing and selling a complex mortgage derivative known as Abacus. Goldman would eventually pay $550 million to settle that case, the biggest payment to the SEC by a Wall Street firm ever.

Goldman's image has recently taken more hits. Last month, a former employee of Goldman's London operations quit in a highly public fashion, sending a letter to The New York Times op-ed page lambasting Goldman's culture.

In separate interviews on CNBC and Bloomberg TV Wednesday morning, Blankfein said the firm needed to do a better job "getting out there and telling people how important this industry is," referring to investment banking.

Blankfein told Bloomberg TV the American public had not likely heard the name Goldman Sachs before the financial crisis three years ago. The general public "wasn't part of our audience" and not seen as an important communications constituency, Blankfein said. "Shame on us."

The CEO's interviews were conducted from the firm's lower Manhattan headquarters, and part of a client conference focusing on opportunities in growth markets. Goldman has eyed expansion in Brazil, China and other so-called growth economies in an effort to "be Goldman in more places," Blankfien has said.

-By Liz Moyer, Dow Jones Newswires; 212-416-2512; liz.moyer@dowjones.com

React to this article
Latest news on GOLDMAN SACHS GROUP INC
08:12pDJU.S. Banks Take Global LeadU.S. Banks Take Global Lead
06:54p GOLDMAN SACHS : County's $1 billion gold rush: Addiction treatment draws FBI
04:57pDJLenders Pitch Refinanced Loans to Former Students (Some of Them)
09:03a GOLDMAN SACHS : DOROT Hosts Senior Prom for Older New Yorkers
08:34a GOLDMAN SACHS : MLP Income Opportunities Fund : Announces New Leverage Financing
08:33a GOLDMAN SACHS : MLP and Energy Renaissance Fund Announces New Leverage Financing
05:18aDJLloyds to Sell Irish Commercial Loan Portfolio for GBP827 Million -- Update
04:01a FITCH : Large US Banks See Signs of Margin Gains in 2Q15
03:04aDJLloyds to Sell Irish Commercial Loan Portfolio for GBP827 Million
07/29DJRenewable Energy Powers Up Rural India
Advertisement
Chart
Duration : Period :
Goldman Sachs Group Inc Technical Analysis Chart | GS | US38141G1040 | 4-Traders
Income Statement Evolution
More Financials