Attacked, Accused of Fraud: Goldman Is Doing Just Fine

Clients are loyal, despite charges that Goldman screwed clients
By Caroline Miller,  Newser Staff
Posted Jun 15, 2010 12:07 PM CDT
Attacked, Accused of Fraud: Goldman Is Doing Just Fine
Goldman Sachs chairman and chief executive officer Lloyd Blankfein testifies before the Senate Subcommittee on Investigations hearing on Wall Street investment banks and the financial crisis on Capitol Hill in Washington, Tuesday, April 27, 2010.   (AP Photo/Susan Walsh)

(Newser) – So you were thinking that all the hideous press, the hostility from Congress, the accusations of fraud were surely hurting the bottom line at Goldman Sachs? Not a chance, Andrew Ross Sorkin writes today in the Dealbook column in the New York Times. Big clients—the ones that count—don't care whether Americans think Goldman is the Great Vampire Squid. They're not taking their business elsewhere, and they're quick to leap to the company's defense.

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“Goldman has been politicized, and it is important to look beyond the demagogy to examine the facts,” the Aetna CFO tells Sorkin. “Our experience with Goldman is that they conduct themselves consistent with the values we expect from a close adviser.” Others note that no one should have been shocked, shocked to learn that Goldman is playing a lot of angles. “I’m a big boy,” says one long-time client. “I understand that they are in many businesses. I go into it with my eyes wide open.” (Read more Goldman Sachs stories.)

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