Goldman Sachs finds a great way to soften its greedy image

By Incorrect Author 19 November 2009

The bank everyone loves to hate, Goldman Sachs, announced on Tuesday it will invest $500 million in helping small businesses in the US. The initiative, “10,000 Small Businesses” is named after another major success, “10,000 Women” and is helped by Warren Buffett, Michael Porter and a host of community colleges. All in all, $300 million will be invested in community financial institutions, only $50 million will be in grants and $250 million will be lent to individuals. But if you think Goldman Sachs has suddenly grown a heart, consider this: they were the biggest beneficiaries of both the Wall Street sub-prime crisis and the US government’s $700 billion financial rescue programme. Goldman Sachs earned $8.4 billion in first nine months of 2009, (mostly in trading) and paid their employees an unbelievable $16.7 billion. Suddenly, their $500 million investment in communities feels… puny.Read more: Washington Post, Bloomberg


While we have your attention...

An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.

Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.

Click here to become a Maverick Insider and get a closer look at the Truth.


How the Guptas tore through red tape to hire Indian nationals illegally

By Jean le Roux for News24

Towns near Fukushima are now being plagued by hordes of rampaging radioactive wild boars. Where are Asterix and Obelix when you need them?