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Wednesday, November 18, 2009

Goldman's Blankfein: "We Apologize"

By Ken Sweet

FOXBusiness

In its latest attempt to fight the public’s anger toward Wall Street, Goldman Sachs (GS) apologized for its role in the financial crisis and pledged to provide aid to small businesses.

At a conference in New York on Tuesday, Goldman CEO Lloyd Blankfein said that the firm “participated in things that were clearly wrong and have reason to regret” according to a report by the Financial Times.

Blankfein went on to say “we apologize.”

Goldman Sachs, more than other Wall Street firms, has become the target of populist anger regarding the $700 billion TARP program and other financial bailouts. The heat on the firm, which was one of the first to repay taxpayers, increased over the summer after an article in Rolling Stone accused Goldman of being at the center of every financial disaster since the Great Depression.

The firm has adamantly denied such accusations.

Blankfein’s comments came after a recent interview in which he said that Goldman Sachs is doing “God’s work.” Blankfein said the comment was meant as a joke and was taken out of context.

As part of the program announced Tuesday, Goldman said it plans to invest $500 million in a fund over the next five years to assist small businesses. The program will be co-headed by Warren Buffett.

Goldman shares were down 0.6% to $175.54 Wednesday. The stock has more than doubled from the beginning of the year.

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