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News Link • Corruption

New Goldman PR Disaster: Execs Celebrated Subprime Implosion in 2007

04-24-2010 • Nakedcapitalism.com/

Yet many of these customers appeared to have assumed the relationship was on a different footing, that Goldman at a minimum (consistent with its continued blather about putting customers first) was not rapacious and would deal with them honestly and fairly. And now Goldman’s PR is in a head-on collision with granular examination of its conduct. Its posture, that it was merely acting as a middleman and therefore providing a socially useful function, does not square with its having continued to push subprime products like its Abacus program out the door as a way to achieve a short position.

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Reported By Jack Gregson

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