Goldman's growing PR problem

Now, even YouTube videos are springing up painting the investment bank as an evil mastermind.

By Kim Peterson Mar 4, 2010 4:35PM
The public vilification of Goldman Sachs (GS) isn't going away. In fact, the bashing has hit a threshold that even Goldman is starting to find a little uncomfortable.

Now, YouTube is the latest grounds for people to air grievances against the investment bank. Today, the "Goldman Sucks" video is getting some attention. The 10-minute, heavily narrated video describes itself as a visualization of the infamous Matt Taibbi "vampire squid" article that appeared in Rolling Stone magazine.

Goldman seems to be getting a little worried about all the negativity. In its latest annual report, it warns investors that the financial crisis and the public anger against financial institutions "has resulted in a significant amount of adverse press coverage, as well as adverse statements or charges by regulators or elected officials."

Responding to these issues "is time consuming and expensive" and can divert the attention of senior management, Goldman added. And, it said, the whole thing can "have a negative impact on our reputation." You think?

Bloomberg's Jonathan Weil wrote that with the disclosure, Goldman "paid the news media the highest possible compliment, while simultaneously admitting a major failure of its own."

Whether Goldman wants to admit it or not, the admission is that the bank has let its good name be put in danger, Weil writes.

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