Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

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 

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
11/30DJMorgan Stanley to Cut a Quarter of Bond, Currency Trading Jobs
11/30DJMorgan Stanley to Cut a Quarter of Bond, Currency Trading Jobs -- Update
11/30DJWALL STREET PERK : Parental Leave
11/30 GOLDMAN SACHS : Don’t Believe Everything You Read In an SEC Legal Document..
11/30 Morgan Stanley to cut up to 25 percent of fixed-income jobs
11/30 Brazil's BTG Pactual looks to new leadership; Esteves quits amid graft probe
11/30DJDelaware Supreme Court Upholds Ruling Against RBC
11/30 GOLDMAN SACHS GROUP INC : ex-dividend day
11/29DJForget Going Public, U.S. Companies Want to Get Bought -- Abreast of the Mark..
11/28DJIMF Expected to Name China's Yuan a Reserve Currency
News chart
Full-screen chart
Income Statement Evolution
More Financials