In a speech Tuesday night, Goldman Sachs CEO Lloyd Blankfein reportedly apologized for his company’s role in the financial markets crisis, saying, “We participated in things that were clearly wrong and have reason to regret.”
Apologies are always tricky business for people or organizations under siege in the media. Sometimes they can be helpful. When an individual or company is clearly at fault for something, a quick apology, full explanation of what went wrong and why, and commitment to correcting the error can stanch public disapproval. Read
Finance Perspectives Practices Public Affairs
Does Goldman Sachs have a God problem? A God complex? An ungodly headache?
Goldman, once a venerable institution known for keeping close counsel, is now a lightning rod for populist criticism of the financial sector. And its latest public relations efforts don’t seem to be helping.
The bank’s very success – turning a profit in excess of $3 billion last quarter – is exacerbating the problem. Americans are in no mood to celebrate Wall Street success. With deepening bonus pools and bulked up compensation packages, Goldman isn’t winning any friends. Read