CEO Lloyd Blankfein has made yet another cursory PR gesture - a tiny fund for small businesses - designed to divert attention from $17bn in bonuses he's paying to the bankers who helped drive the economy, Zeppelin-like, into the ground.
Blankfein, the Goldman CEO who is doing "God's work," announced that his company would give $100m per year to the fund. The Financial Times pointed out that that represents one good day's trading - and that Goldman had 36 $100m-plus days in the third quarter of this year. Warren Buffett is also involved somehow, as a kind of bespectacled fig leaf.
It is hard to tell whether Blankfein believes his own spin. But he said the following:
What are we going to do to fulfill our commitment and our obligation to the world to be good allocators of capital and make sure we're doing the right thing, making sure we're helping the country pull out of recession, grow businesses that help generate jobs?
This is beyond mocking. Talking of which, yesterday it was revealed that not only did credit ratings agencies help engineer the economic collapse, by approving any old financial product, but also had a hand in the AIG bailout that helped get Goldman Sachs to the point where they could pay obscene bonuses again. The agencies seem to have caught the tone-deafness of the big banks. Ray McDaniel, CEO of agency Moody's, took home $7,376,555 in 2007 and $7,569,981 last year. You remember last year, you know, when the economy collapsed and everyone had less mone... oh.