Archive for November 2009

Goldman’s Gift: An Example of Corporate Responsibility?

November 19th, 2009 — 6:33pm

This week Goldman Sach’s announced it was launching a $500 million dollar initiative to help small businesses as an apology for its part in the financial crisis.

As many smart people have pointed out – its not exactly that large an amount as many of those are loans that will carry interest, much of the money will be given to non-profits thereby providing big tax write-offs and whatever other tricks they might have up their sleeve.

This is a classical example in teaching an unethical way of conducting a business. Over at Marketplace, Cody Willard gave 5 reasons why Goldman Sachs is still a much disliked company – chief among them their role in the AIG mess.

The most concerning among them from our blog’s point of view: business ethics – is that they were selling toxic derivatives to investors for billions of dollars then turning around and betting against their own products. Somebody didn’t sign up for business ethics training in that department – or more likely they flunked that class.

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