Goldman Sachs CEO Lloyd Blankfein did little to ingratiate himself to the general public when in November 2009 he told The Times of London that bankers do "God's work." Now Goldman will have to face those who actually are doing "God's work."
A coalition of Catholic nuns plans to cause a scene at the investment bank's annual shareholders meeting next month. The Sisters of Saint Joseph of Boston, the Sisters of St. Francis of Philadelphia, the Sisters of Notre Dame de Namur, and the Benedictine Sisters of Mt. Angel make up the coalition, and are all Goldman investors.
It's safe to say Goldman Sachs, Toyota and BP had a rough year. The three high-profile companies all faced huge catastrophes and then suffered the public relations nightmares that followed (and continue to plague them).
Wall Street powerhouses like Goldman Sachs, JP Morgan Chase and Bank of America release their second quarter earnings this week; and those numbers are less than stellar. In fact, Goldman Sachs released it's lowest returns since the financial crisis of 2008.
Wall Street giant Goldman Sachs has agreed to pay $550 million to the Securities and Exchange Commission in hopes of settling the fraud suit levied on the company back in April. The settlement is pending approval by a federal judge; if approved, it would be the largest penalty ever assessed against a financial firm in the SEC's history.
Goldman Sachs's top executives, including CEO Lloyd Blankfein and Vice President Fabrice Tourre, visited Capitol Hill yesterday for a good old-fashioned grilling during a U.S. Senate committee hearing. New York Times financial reporter Louise Story was there and followed the hearings all day long. She found more than a few contradictions in the executives' testimony, as the senators on the panel grew more and more testy.
Following news on both big earnings and a fraud suit filed against them by the Securities and Exchange Commission, Goldman Sachs is trying to push back against the kind of publicity that surely inspires some populist rage. In a conference call with reporters yesterday, the company's general counsel wanted to reassure the public that the firm would never knowingly attempt to defraud its clients. But does this language assuage regular investors, or restore confidence in Godlman's dealings?
On Friday the Securities and Exchange Commission announced a civil suit against Wall Street giant Goldman Sachs, after uncovering what the SEC calls significant evidence of fraud during the run-up to the current financial crisis.