When your back is up against the wall and you want to give every appearance of doing the right thing, what do you do? Refer it to a committee. It's one of the oldest tricks for politicians and Goldman Sachs is doing exactly the same thing. Yes, Goldman Sachs has discovered religion.
Goldman Sachs, now being sued for fraud and facing potential criminal charges, has told shareholders it plans to become more "self-critical" and "introspective" and that it will set up an ethics watchdog, or a Business Standards Committee, to review the way it does business.
The firm, now being sued for fraud and facing potential criminal charges, has told shareholders it plans to become more "self-critical" and "introspective" and that it will set up an ethics committee to review the way it does business.
Don't hold your breath, if Goldman Sachs shareholders are anything to go by.
As Mia Saini reports in Forbes, none of the shareholders asked about fraud or ethical breaches. About the only criticism there came from Reverend Jesse Jackson who said Goldman Sachs had to do something to improve its diversity.
The committee is not pitched at shareholders but at the public and politicians. Just some spin to try and convince lawmakers that everything is above board.
no comment untill now