I am pretty much freakin’ speechless at the moment. Maybe Goldman has figured out that without small business, they are screwed, and after Blankein’s comment about doing God’s work, they are really screwed without the apology and cash on the barrel head. Now if there was someway to have Goldman and SEIU neutralize each other, I think we would be ahead of the game.
Goldman Sachs teams up with Warren Buffett to help US small businesses
Goldman Sachs, whose chief executive has apologised for the bank’s role in the financial crisis, has teamed up with billionaire investor Warren Buffett to help small US businesses.
The investment bank plans to invest $500m to offer capital and college scholarships to thousands of small business owners across the country.
Goldman’s “10,000 Small Businesses” initiative comes as Bloomberg reported that Lloyd Blankein, the chief executive, told a conference in New York: “We participated in things that were clearly wrong and have reason to regret. We apologize.”
The $500m investment includes a $200m contribution to community colleges, universities and other institutions to give grants to small business owners to further their education.
It will funnel $300m through community development financial institutions to increase lending and technical assistance available to small businesses.
In addition, Goldman Sachs executives, in partnership with national and local business organizations, will aid small businesses with advice, technical assistance and professional networking opportunities.
An advisory council co-chaired by Mr Blankfein will oversee the initiative. Mr Buffett, Goldman’s largest shareholder, and Harvard Business School Professor Michael Porter will serve as co-chairs.
“Our recovery is dependent on hard working small business owners across America who will create the jobs that America needs,” Mr Buffett said in a statement. “I’m proud to be a part of this innovative program which provides greater access to know-how and capital — two ingredients critical to success.”