Goldman Sachs Set Up Charitable Fund

by Stewart Douglas

Story link: Goldman Sachs Set Up Charitable Fund

Investment firm Goldman Sachs have today announced they are to set up a charitable arm in a bid to leverage the public perception in their favour and promote altrusitic behaviour amongst its senior employees during times of success. 

The investment bank, having realised record profits despite the tightening credit environment and negative results elsewhere, has set up the fund in a move that has diverted attention from its expected record bonus payments to high flying employees in recognition of this year’s consistently strong performance.

It is thought that the fund will benefit from a portion of executive bonus and compensation payments, to be put to charitable purposes.  Goldman Sachs was one of the only investment firms to be wary when dealing in sub-prime securities, and to offload its exposure prior to the crash of the early summer months. 

Goldman Sachs has reported that, unlike its competitors Merrill Lynch and Citigroup, that it will not be forecasting any losses derived from sub-prime writedowns over the next few months, reflecting the astonishing feat it performed in market anticipation.  Goldman Sachs, having announced record profits for the third quarter, has strongly outperformed competing firms over the period, despite sustaining losses from one of its flagship hedge funds.

The move today to establish the charitble arm of the firm has been designed to deflect what many analysts suggest is a keen interest of the management to avoid the appearance of greed in relation to salary and bonus payments made to executives.

The new fund is to be branded Goldman Gives.  Meanwhile Goldman Sachs are expected to announce their fourth quarterly performance report next month, which will also reflect their overall yearly position as anticipated to be strong by market analysts.