Apology for behaviour and taking so much government cash
Goldman Sachs, which received the second largest payback from AIG over CDS contracts, apologised yesterday and set aside $500m for community projects, the Times reports.
As well as taking its own government bailout, Goldman turned itself into a bank holding company to get cheap loans from the Federal Reserve, and was the recipient of the second-largest payout of via AIG, which was criticised in a recent watchdog report.
Lloyd Blankfein, chief executive, said: “We participated in things that were clearly wrong and have reason to regret ... We apologise.”
Reputation important
He was “very concerned” about the criticism Goldman Sachs received for accepting a $10bn bailout, only to pay multimillion-dollar bonuses. “Our reputation is very important to us,” he said
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
