Apology for behaviour and taking so much government cash
Goldman Sachs, which received the second largest payback from AIG over CDS contracts, apologised yesterday and set aside $500m for community projects, the Times reports.
As well as taking its own government bailout, Goldman turned itself into a bank holding company to get cheap loans from the Federal Reserve, and was the recipient of the second-largest payout of via AIG, which was criticised in a recent watchdog report.
Lloyd Blankfein, chief executive, said: “We participated in things that were clearly wrong and have reason to regret ... We apologise.”
Reputation important
He was “very concerned” about the criticism Goldman Sachs received for accepting a $10bn bailout, only to pay multimillion-dollar bonuses. “Our reputation is very important to us,” he said
