More on Refurbishing Goldman Sachs's Damaged Image

No kidding! Lloyd Blankfein of Goldman Sachs thinks that "there is a disconnect between how we view the firm and how the broader public perceives our roles and activities." How could it be otherwise when their employees and executives make gargantuan bonuses even when the firm is found culpable in a civil suit for fraud which, by the way, Goldman refers to as a "mistake." The funny thing is, GS wouldn't need to hire expensive PR firms to recuperate its image: all it would have to do is follow ethical standards, make full disclosures of its business practices and play fair. Betting against the solvency of the mortgage market while bundling sub-prime mortgages and making a profit from both is not the way to achieve an endearing image. In order to create a good image, Goldman just needs to have sound and honorable business behaviors. It might also consider not creating so many millionaires and billionaires who leech treasure from the wider economy.

Finally, Goldman Sachs should realize that CDOs have no relationship to the real economy and they should acknowledge that they profited directly from government bailout of AIG when otherwise they would have suffered enormous losses without that help. They should even consider giving back the $12.9 billion that they took from the taxpayer via AIG.

Goldman Pushes Its Image Rehab

LIZ RAPPAPORT - The Wall Steet Journal

Goldman Sachs Group Inc. is taking its first steps to change the way it does business after it weathered harsh criticism and paid a $550 million fine tied to its actions before and during the financial crisis.

The Wall Street firm, which is trying to rehabilitate its public reputation with an ad campaign that, among other things, tries to show how it helps create jobs, is planning to make changes in the way it reports its finances and how it relates to clients, investors and analysts, people involved in the planning say. It has also gone outside the company and hired an executive who has been a vocal critic of Wall Street pay practices and weak corporate governance.

Reuters

Protestors held up signs as Goldman Sachs CEO Lloyd Blankfein prepared to testify before a Senate panel in April.

You can read the rest of the article here