A belated apology from the masters of universe
Goldman apologises for role in crisis
Lloyd Blankfein, Goldman’s chief executive, said that the bank regretted taking part in the cheap credit boom that had fuelled the pre-crisis bubble. “We participated in things that were clearly wrong and have reason to regret,” said Mr Blankfein. “We apologise.”
After benefitting from the immense leverage from the FED bubble and saved by the intervention of the US government, Goldman Sachs finally come to their senses and delivered a belated apology.
They also announced a fund for small businesses as “compensation” for their mischief. Their PR skills are so good that they invited Warren buffett to chair this fund.
Will the master of universe see better days ahead? Warren says Yes and i won’t bet against him considering that US govt is timid in implementing big changes. But, this could change if the “grapes of wrath” spreads further.
Entry filed under: Watch your step.