Biggest Bank of the Land Now Promises to Be "More Open"

Posted by Ian Cooper - Thursday, January 13th, 2011

From New York Times' Dealbook:

"In a 63-page report on Tuesday, Goldman listed 39 ways to amend its business practices — changes largely aimed at bolstering internal controls and disclosure.

Goldman is trying to rehabilitate its public image, which has taken a beating since the financial crisis and its aftermath. The greater detail is intended as a response to criticism that Goldman has put its own interests ahead of those of clients.

Goldman clients have complained that “in some circumstances the firm weighs its interests and short-term incentives too heavily,” the report said.

The report proposes to break down what Goldman sees as its responsibilities, depending on the role it is performing for a client.

The bank also plans to offer investors additional..."

Read more here.


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