Charity Begins at Goldman
Goldman Sachs (GS) seems addicted to excess, whether in the form of executive compensation, leverage, bonuses, or charitable giving. On Tuesday, Chief Executive Lloyd Blankfein continued his practice of doing "God’s work” and announced that the company was planning on making a charitable contribution of $500 million.
In case you have forgotten, in the turmoil of this economic crisis, that’s a lot of money. Mr. Blankfein, also, offered an apology. He said that the very smart people at Goldman had made some mistakes and that they were sorry. The act of contrition, itself, has become punishment enough in our culture. Sports figures, politicians, celebrities make mistakes and, if they are big enough to admit them, society rushes to forgive. No one ever pays a penalty; no bonuses will be returned.
