The Wall Street investment firm has apologised for its role in the financial crisis. Helped by its biggest investor Warren Buffett (pictured), it’s going to give out 500 million dollars to help small businesses through their economic troubles.
This is what the firm’s CEO Lloyd Blankfein asked:
“What are we going to do to fulfill our commitment and our obligation to the world to be good allocators of capital and make sure we’re doing the right thing, making sure we’re helping the country pull out of recession, grow businesses that help generate jobs?”
Obligation? Really? It’s already paid back the bailout money it received from the US government.
So does this show that big businesses have changed their mentality following the financial crisis? Or do you agree with bloggers here and here that this is all a big PR stunt? (The firm’s also set aside 16.7 BILLION dollars for bonuses this year.) And will the handout help anyway?
In India, a government minister has suggested a system where companies earn credits for doing “good works” – which they could then trade as a commodity.
Do you think big businesses in your part of the world should be obliged to use their profits to help you?