Friday, October 16, 2009

A Letter

Mr Lloyd C. Blankfein
Chairman and Chief Executive Officer
Goldman Sachs Group Inc.

Dear Mr Blankfein,

Congratulations on the stupendous third quarter results of Goldman Sachs, you announced yesterday. To achieve some of the best ever results in the firm’s long and distinguished history, just one year after its worst crisis, is a remarkable achievement indeed.

We are writing this letter to make a humble suggestion for your consideration.

As we all know, the financial crisis over the last two years has affected millions of people worldwide. We think you would agree that the financial services industry, and therefore Goldman Sachs, had some part to play in this. The United States government had to step in to provide assistance and guarantees to you last year to tide over the crisis.

I would suggest that some humility and just a hint of remorse, might serve the bank well. Arousing public anger, however fair or unfair the anger may be, is not in the bank’s best interests. We suggest that you consider donating the last quarter’s profit of $ 3bn, that the bank made, to a fund that can help those who lost their jobs in the recession or were directly affected. This will not make a significant financial impact on your bank, considering that its just one quarter’s profits. It can however make a significant impact on the lives of many people who have been devastated over the last two years. It would be an extremely graceful gesture of a large hearted organisation – its an opportunity for your bank to demonstrate that it has both those qualities. You may want to consider convincing your shareholders that such a move is their own long term interests.

It is unlikely that your bank will become the most loved organization as a result of the act, but it might prevent it from becoming the most hated.

With best regards

Bloggers Anonymous.