This photo is strikingly similar to CEO Blankfein telling people "I'm poor, seriously"
Thursday, December 3, 2009
Goldman Sachs' Brand Image...not a pleasant sight
Brand image. Brand image is the impression held by consumers about a specific brand's product or service.
As far as the media-active consumers...it's clear that any entry of "Goldman Sachs" into the google search bar yields quite disgruntled and upset people at how Goldman Sachs runs its company. It's easy to say that Goldman Sachs has clearly taken a large hit to its public image throughout the harsh economic times. Even if CEO Blankfein didn't earn $100 million in a year, it's the easiest to point the blame on a big business.
Goldman Sachs doesn't have on particular product that could change the way its viewed. We're not dealing with a possible over night change like Miley Cirus to Hanna Montana . People are just too upset with the economy to care about all of the great organizations Goldman Sachs has either founded, funds or is involved in. Other than the organizations they are involved in, there are no major or minor public relations campaigns constructed to rebuild their brand image. The PR people are not doing a good job of telling the head honchos that people hate them. And the only way people will start to turn their feelings and the only way Goldman Sachs can rebuild its long standing brand image of being a successful and respectable business, is if the salaries come down. If the bonuses don't exceed $100,000.
Without a complete, let's just throw a number out there...90% cut back in salaries and bonuses, the brand image of Goldman Sachs will remain very very low. An image of overpaid, and uncaring crooks. You would think that they don't want this image...and yet the insanity continues...
As far as the media-active consumers...it's clear that any entry of "Goldman Sachs" into the google search bar yields quite disgruntled and upset people at how Goldman Sachs runs its company. It's easy to say that Goldman Sachs has clearly taken a large hit to its public image throughout the harsh economic times. Even if CEO Blankfein didn't earn $100 million in a year, it's the easiest to point the blame on a big business.
Goldman Sachs doesn't have on particular product that could change the way its viewed. We're not dealing with a possible over night change like Miley Cirus to Hanna Montana . People are just too upset with the economy to care about all of the great organizations Goldman Sachs has either founded, funds or is involved in. Other than the organizations they are involved in, there are no major or minor public relations campaigns constructed to rebuild their brand image. The PR people are not doing a good job of telling the head honchos that people hate them. And the only way people will start to turn their feelings and the only way Goldman Sachs can rebuild its long standing brand image of being a successful and respectable business, is if the salaries come down. If the bonuses don't exceed $100,000.
Without a complete, let's just throw a number out there...90% cut back in salaries and bonuses, the brand image of Goldman Sachs will remain very very low. An image of overpaid, and uncaring crooks. You would think that they don't want this image...and yet the insanity continues...
"Crisis".... Goldman Sachs' Middle Name
It appears as if the word "crisis" has surrounded Goldman Sachs over the past year, and rightfully so. As explained in an earlier post, last year Goldman Sachs was ridiculed and one of the most hated businesses because of it receiving $13 billion in bailout money, most as a result of AIG's tragic downfall. So what was Goldman Sachs supposed to do with this money? Your guess is as good as any other good-standing American. SAVE IT FOR A RAINY DAY!!! Apparently for GS, that rainy day came at the end of 2008 when they gave out millions and millions of dollars in bonus money away.
But wait...what about this Christmas. As many of us are really feeling our thinning wallets. There's no way GS could top that could it? Yes, in 2009 GS is about to break records , ain't that just lovely. A nice lil pace of $21 billion for bonuses.
I guess the old saying of, when the poor get poorer, the rich get richer...is quite true with our good ol' buddies at Goldman Sachs.
But wait, A ha! Eureka!.... Have Goldman Sachs finally gotten something through their heads? After the media coverage and the continuous criticism, Goldman Sachs has issued this response.
"A little more than a week after Goldman’s chairman and chief executive drew fire for saying the Wall Street giant was “doing God’s work,” the bank said Tuesday that it would spend $500 million — or about 3 percent of the $16.7 billion it has so far set aside to pay its employees this year — to help thousands of small businesses recover from the recession."
Not bad....not great, but certainly not bad. After all, we are living in a dog eat dog kind of world. And Goldman Sachs, is surely one of the biggest dogs.
I don't think this is enough though. Let's do some simple math....
As of 7/2008 there were 304,059,724 people in the US
There were about 22,500 Goldman Sachs employees
$21 billion was set aside for 22,500 employees. and.... the rest of the 300+ million, their neighbors, get a measly(in comparison) $500 million.
Although it's easy for me to say, because I'm not getting that bonus. But I would man up. Look in the mirror and say hey! Let's be greedy, but not be freaks. $500 million for us, and everything else to charity, maybe even create a new charity to help new businesses, maybe even work with the government (because we know they know how to do that alright) and create a refund for new businesses. Whatever they chose to do, let's do it with big dollar signs eyes..for the people, not for Goldman Sachs
But wait...what about this Christmas. As many of us are really feeling our thinning wallets. There's no way GS could top that could it? Yes, in 2009 GS is about to break records , ain't that just lovely. A nice lil pace of $21 billion for bonuses.
I guess the old saying of, when the poor get poorer, the rich get richer...is quite true with our good ol' buddies at Goldman Sachs.
But wait, A ha! Eureka!.... Have Goldman Sachs finally gotten something through their heads? After the media coverage and the continuous criticism, Goldman Sachs has issued this response.
"A little more than a week after Goldman’s chairman and chief executive drew fire for saying the Wall Street giant was “doing God’s work,” the bank said Tuesday that it would spend $500 million — or about 3 percent of the $16.7 billion it has so far set aside to pay its employees this year — to help thousands of small businesses recover from the recession."
Not bad....not great, but certainly not bad. After all, we are living in a dog eat dog kind of world. And Goldman Sachs, is surely one of the biggest dogs.
I don't think this is enough though. Let's do some simple math....
As of 7/2008 there were 304,059,724 people in the US
There were about 22,500 Goldman Sachs employees
$21 billion was set aside for 22,500 employees. and.... the rest of the 300+ million, their neighbors, get a measly(in comparison) $500 million.
Although it's easy for me to say, because I'm not getting that bonus. But I would man up. Look in the mirror and say hey! Let's be greedy, but not be freaks. $500 million for us, and everything else to charity, maybe even create a new charity to help new businesses, maybe even work with the government (because we know they know how to do that alright) and create a refund for new businesses. Whatever they chose to do, let's do it with big dollar signs eyes..for the people, not for Goldman Sachs
Wednesday, November 11, 2009
Amidst the Economic Turmoil, How did GS stand? 08 Annual Report
Have you taken a look at Goldman Sachs' 2008 Annual Report?....Gee they'd be able to convince you that you were dead. CEO Banks wrote in the letter to the shareholders most of the facts, however when covering aspects of total losses...he more or less diverted his attention to what they were doing to fix the problem, instead of ever going into the sheer facts and numbers of how bad this year was for them. Overall I would consider the letter to the shareholders a slick marketing piece, and the rest of the figures and data to be more economical and informative.
The annual report is posted right on the GS website. The document is 162 pages long. So unless you actually care, or are stranded on a desert island with only the annual report...it's not really that much fun to read. However, the report is very informative, goes into detail not just numerically, but it exquisitely specifies and explains all major and minor facets of the organization.
The letter to the shareholders came from CEO Banks. He starts the letter off explaining the overall impact the recession has had on our nation and specifically to the global equity and credit markets. After explaining the negative news of revenue drops of over 50%, Banks went on to articulate the changes and overall plan Goldman Sachs has created to excel during these difficult times.
Overall, the tone of the letter to the shareholders is one of honesty and positive outlook. Banks describes the facts and doesn't get caught up on the negativity, but rather gives promise to its shareholders that there is good to come and to keep their trust in them.
In a yahoo finance article that has since expired, it accurately depicted the view of Banks and was an appropriate summary of the letter to the shareholders. It portrayed it as if one of Goldman Sach's employees had been next to the journalist. However, it was easier to understand. Just like Banks, its purpose was to instill confidence, hope and promise to its shareholders. The bad news was mentioned, but not the focus of the piece. The quote from the CEO was about the company loss and also about the future of the company and how they have developed plans to escape the recession and not be a complete victim to the economic turmoil.
Overall, I believe that Goldman Sachs did a good job in their annual report. As a non-share holder and someone new in the world of investor relations, it was easy to understand and portrayed the company in a positive light amidst the negative state of the economy
The annual report is posted right on the GS website. The document is 162 pages long. So unless you actually care, or are stranded on a desert island with only the annual report...it's not really that much fun to read. However, the report is very informative, goes into detail not just numerically, but it exquisitely specifies and explains all major and minor facets of the organization.
The letter to the shareholders came from CEO Banks. He starts the letter off explaining the overall impact the recession has had on our nation and specifically to the global equity and credit markets. After explaining the negative news of revenue drops of over 50%, Banks went on to articulate the changes and overall plan Goldman Sachs has created to excel during these difficult times.
Overall, the tone of the letter to the shareholders is one of honesty and positive outlook. Banks describes the facts and doesn't get caught up on the negativity, but rather gives promise to its shareholders that there is good to come and to keep their trust in them.
In a yahoo finance article that has since expired, it accurately depicted the view of Banks and was an appropriate summary of the letter to the shareholders. It portrayed it as if one of Goldman Sach's employees had been next to the journalist. However, it was easier to understand. Just like Banks, its purpose was to instill confidence, hope and promise to its shareholders. The bad news was mentioned, but not the focus of the piece. The quote from the CEO was about the company loss and also about the future of the company and how they have developed plans to escape the recession and not be a complete victim to the economic turmoil.
Overall, I believe that Goldman Sachs did a good job in their annual report. As a non-share holder and someone new in the world of investor relations, it was easy to understand and portrayed the company in a positive light amidst the negative state of the economy
Monday, October 26, 2009
Videos!
Here are some great links to videos of different opinions on Goldman Sachs, the economic crisis
How Goldman Sachs Survived
Obama working for Goldman Sachs?
Max Keiser takes Offense to Goldman Sachs Story Part 1
Part 2
How Goldman Sachs Survived
Obama working for Goldman Sachs?
Max Keiser takes Offense to Goldman Sachs Story Part 1
Part 2
Constant Criticism
Being one of the biggest financial corporations in the world...everyone becomes a critic of Goldman Sachs. This is one of the reasons why I became so intrigued by them. They are constantly in the media, however not in the way that other companies are portrayed in the media.
Goldman Sachs rarely puts itself out to the media for quotes or opinions, so when they do speak, its scrutinized to every huff, puff, period, sigh and eye roll. Several sites, mainly this one, are so anti-goldman sachs that they have attracted attention daily from people within Goldman Sachs to shut them down.
This page of Rolling Stone, is made by Matt Taibbi, who wrote "The Great American Bubble Machine" in Rolling Stone. It has recieved an incredible amount of media attention.
Goldman Sachs rarely puts itself out to the media for quotes or opinions, so when they do speak, its scrutinized to every huff, puff, period, sigh and eye roll. Several sites, mainly this one, are so anti-goldman sachs that they have attracted attention daily from people within Goldman Sachs to shut them down.
This page of Rolling Stone, is made by Matt Taibbi, who wrote "The Great American Bubble Machine" in Rolling Stone. It has recieved an incredible amount of media attention.
The Facts
In 2009, 43 Goldman Sachs offices partnered with 828 nonprofit Community Partners worldwide.
Over 22,800 Goldman Sachs people joined with family and friends to contribute over 134,247 hours to the communities where we work and live.
Volunteers participated in 1,778 projects and assisted 12,430 infants, 69,546 children, 36,798 adolescents, 33,453 adults, 13,756 elderly, 33,491 persons with disabilities/special needs and 13,795 animals;
volunteered at 182 community events; painted 102 murals, 219 rooms and 34 community buildings; renovated 80 rooms;
renovated and helped build 56 community buildings/homes and 19 playgrounds; built 13 homes with Habitat for Humanity;
beautified 35 beaches and 104 parks; planted 278 gardens, 1,378 trees and 49,356 flowers; served 27,480 meals;
packaged 170,197 lbs. of food; delivered 64,948 meals; constructed 3,000 yards of fencing; beautified 934 acres and 25 miles of land.
Over 22,800 Goldman Sachs people joined with family and friends to contribute over 134,247 hours to the communities where we work and live.
Volunteers participated in 1,778 projects and assisted 12,430 infants, 69,546 children, 36,798 adolescents, 33,453 adults, 13,756 elderly, 33,491 persons with disabilities/special needs and 13,795 animals;
volunteered at 182 community events; painted 102 murals, 219 rooms and 34 community buildings; renovated 80 rooms;
renovated and helped build 56 community buildings/homes and 19 playgrounds; built 13 homes with Habitat for Humanity;
beautified 35 beaches and 104 parks; planted 278 gardens, 1,378 trees and 49,356 flowers; served 27,480 meals;
packaged 170,197 lbs. of food; delivered 64,948 meals; constructed 3,000 yards of fencing; beautified 934 acres and 25 miles of land.
GS in the Community
The people of Goldman Sachs are committed to assisting those in need and the communities around the world through volunteer endeavors and partnerships with nonprofit organizations.
Goldman Sachs helps serve the community through multiple outlets.
Public Service Program
Goldman Sachs Foundation
Employee Giving
Community TeamWorks
The Community TeamWorks (CTW), its signature volunteer program, embodies this commitment and gives their employees time off from work each season to volunteer in a team-based project coordinated with local nonprofit organizations. Each year, CTW offers innovative volunteering opportunities worldwide This program allows each person one day away from work to volunteer on a team-based project with a non-profit organization. In 2009, over 22,800 Goldman Sachs people joined with family and friends to contribute over 134,247 hours to the communities where they work and live. This helps make a tangible difference in the community and that foster inter- and intra-divisional camaraderie within the firm.
Goldman Sachs launched the Public Service Program in 2004. The program underscores their commitment to leadership and expands the platform for their people to be catalysts for change in their community. Public Service Program Fellows are selected and given paid leave for one year to serve at organizations aligned with the firm's corporate engagement interests.
These fellows have created organizations that embody and continue to promote Goldman Sachs commitment to leadership and philanthropy.
Sometimes, and more often lately, Goldman Sachs gets criticized for the high salaries given to its employees. Goldman Sachs has two programs to enhance its reputation in this aspect. It has the Employee Giving program and the Goldman Sachs Foundation.
The Employee Giving, also called Goldman Sachs' Matching Gift Program, encourages employees to support their favorite charitable organizations. Employee gifts up to USD $20,000 are matched on a 1:1 basis per employee per calendar year to eligible nonprofit organizations.
The Goldman Sachs Foundation was funded in 1999 with a $200 million donation from The Goldman Sachs Group, Inc. The Foundation's mission is to promote excellence and innovation in education worldwide. The Foundation, administered by the Goldman Sachs Office of Corporate Engagement, is an important extension of the tradition of philanthropy and public leadership at Goldman Sachs. Grants have been awarded in excess of $114 million since its inception, providing opportunities for young people in more than 20 countries.
Some ways this money is spent is through scholarships as well as conferences and learning seminars for youth around the world.
CEO Blankfein
Goldman Sachs Chairman and Chief Executive Officer:
Mr. Lloyd C. Blankfein
As according to the Goldman Sachs website....
"Mr. Blankfein has been our Chairman and Chief Executive Officer since June 2006 and a director since April 2003. Previously, he had been our President and Chief Operating Officer since January 2004. Prior to that, from April 2002 until January 2004, he was a Vice Chairman of Goldman Sachs, with management responsibility for Goldman Sachs’ Fixed Income, Currency and Commodities Division (FICC) and Equities Division (Equities). Prior to becoming a Vice Chairman, he had served as co-head of FICC since its formation in 1997. From 1994 to 1997, he headed or co-headed the Currency and Commodities Division. Mr. Blankfein is not on the board of any public company other than Goldman Sachs. He is affiliated with certain non-profit organizations, including as a member of the Harvard University Committee on University Resources, the Advisory Board of the Tsinghua University School of Economics and Management and the Governing Board of the Indian School of Business, an overseer of the Weill Medical College of Cornell University, and a director of the Partnership for New York City and Catalyst."
Tuesday, October 6, 2009
Rolling Stone Article Puts Goldman Sachs at Blame for Country's Problems
Contributing editor of the Rolling Stones, Matt Taibbi, wrote an article in Rolling Stone Issue 1082-83 titled "The Great American Bubble Machine" in which he contributed many of the problems of the past two decades to Goldman Sachs and other large banks. The 12-page spread was an unusual article to be published by Rolling Stone, which usually features articles based on the entertainment business.
Taibbi describes how, in his opinion, Goldman Sachs contributed to ast year's run-up in oil prices, the tech-sector boom and bust at the turn of the century and the current mortgage crisis. And not to his surprise, the company was able to give billions in bonuses and salary raises at the end of 2008, when the US was amidst one of its worst economic times.
Goldman Sachs is active in the community and creates positive publicity through that, however GS is generally press-shy. In response to this very popular issue, Lucas Van Praag, bank's spokesman, spoke out. "[Taibbi's] story is an hysterical compilation of consipracy theories. Notable ones missing are Goldman Sachs as the third shooter [in John F. Kennedy's assassination] and faking the first lunar landing. We reject the assertion that we are inflators of bubbles and profiteers in busts, and we are painfully conscious of the importance in being a force for good."
When researching more information on responses made by Goldman Sachs, it was difficult to find. GS really does have a way of keeping its opinions out of the press...which is odd since they are in it day, after day, after day. The most popular amounts of hits had to do with press that was bad about Goldman Sachs. They did not do a good job in defending the positions and actions of the company over the past few decades, and most importantly right now.
If I was in the PR department of Goldman Sachs I would question the boldness of Taibbi and the validity of his statements. As an employee of a financial company we deal with numbers and more importanly dollar signs. Since he critiqued and bashed the use of our dollar signs, I would challenge him to explain how he arose at the numbers that we apparantly profited off of. We would also question the statements made about how we have affected the normal citizens of our country. We would advise him to look into more about our company and discover the enormous good we do for our citizens.
Taibbi describes how, in his opinion, Goldman Sachs contributed to ast year's run-up in oil prices, the tech-sector boom and bust at the turn of the century and the current mortgage crisis. And not to his surprise, the company was able to give billions in bonuses and salary raises at the end of 2008, when the US was amidst one of its worst economic times.
Goldman Sachs is active in the community and creates positive publicity through that, however GS is generally press-shy. In response to this very popular issue, Lucas Van Praag, bank's spokesman, spoke out. "[Taibbi's] story is an hysterical compilation of consipracy theories. Notable ones missing are Goldman Sachs as the third shooter [in John F. Kennedy's assassination] and faking the first lunar landing. We reject the assertion that we are inflators of bubbles and profiteers in busts, and we are painfully conscious of the importance in being a force for good."
When researching more information on responses made by Goldman Sachs, it was difficult to find. GS really does have a way of keeping its opinions out of the press...which is odd since they are in it day, after day, after day. The most popular amounts of hits had to do with press that was bad about Goldman Sachs. They did not do a good job in defending the positions and actions of the company over the past few decades, and most importantly right now.
If I was in the PR department of Goldman Sachs I would question the boldness of Taibbi and the validity of his statements. As an employee of a financial company we deal with numbers and more importanly dollar signs. Since he critiqued and bashed the use of our dollar signs, I would challenge him to explain how he arose at the numbers that we apparantly profited off of. We would also question the statements made about how we have affected the normal citizens of our country. We would advise him to look into more about our company and discover the enormous good we do for our citizens.
Thursday, September 24, 2009
Staying Current, in a Changing World
Goldman Sachs boasts one of the flashiest and informative websites of all major financial corporations. Their site breaks the mold and stereotype of your "typical" image of a financial corporation. We make these type of companies out to be boring, old and difficult to understand. Their website is extremely easy to maneuver about as well as fun to explore.
With the ever changing communications world, Goldman Sachs has done a decent job in keeping up. Their facebook page is vare and uninformative. There are no recent posts, only 3 photos and only a brief explanation on what the company is. Like facebook, their twitter page is outdated and lacks any recent updates from its employees.
Their website is extremely productive, however their social media sites are extremely lacking. Goldman Sachs is doing a poor job on reaching the ever-growing social media networks. Banking and finances are not done by the same people, the same ways that they have in years past. Exciting, efficient and easier methods are developed often and Goldman Sachs need to recognize this and keep with the times.
The company has the right ideas, but has not executed any of them thoroughly. If I was working in the PR department, the social media would be completely revamped and include at least weekly (if not multiple times a week) updates on different events Goldman Sachs are participating in, perhaps uploads of meetings that have occurred or even just boring mathematicla information about their stock prices.
Goldman Sachs is known for being an old trustworthy corporation....but doesn't need to bring that reputation to the social media too.
With the ever changing communications world, Goldman Sachs has done a decent job in keeping up. Their facebook page is vare and uninformative. There are no recent posts, only 3 photos and only a brief explanation on what the company is. Like facebook, their twitter page is outdated and lacks any recent updates from its employees.
Their website is extremely productive, however their social media sites are extremely lacking. Goldman Sachs is doing a poor job on reaching the ever-growing social media networks. Banking and finances are not done by the same people, the same ways that they have in years past. Exciting, efficient and easier methods are developed often and Goldman Sachs need to recognize this and keep with the times.
The company has the right ideas, but has not executed any of them thoroughly. If I was working in the PR department, the social media would be completely revamped and include at least weekly (if not multiple times a week) updates on different events Goldman Sachs are participating in, perhaps uploads of meetings that have occurred or even just boring mathematicla information about their stock prices.
Goldman Sachs is known for being an old trustworthy corporation....but doesn't need to bring that reputation to the social media too.
Tuesday, September 22, 2009
Its a Goldman Sachs World, Welcome
Good Day my fellow bloggers, and welcome to my blog that just makes a whole lot of cents. This is a web log (a blog, for those of you who don't remember its name origination) all about the Goldman Sachs Group Inc. ...or simply put, Goldman Sachs.
Goldman Sachs (GS) has been around longer than your parents, your grandparents, and even longer than your Sociology Professor. It was founded in 1869 by the German Marcus Goldman. The company has changed drastically since then. Currently it operates three major divisions.
1. Investment Banking
2. Trading and Principle Investments
3. Asset Management and Security Services.
The company, which has roughly 14,000 employees, has been under much scrutiny over the past 4 years. The economic crisis as well as some disputed gift-giving has severely damaged their reputation. In the past year alone their stock price has a low of $47.41 and a high of $185.80 which is right around where it currently stands.
With its reputation clearly hanging by mere threads, Goldman Sachs have gotten out in the community. It has several community oriented programs that promotes (actually even pays) its employees to go out and assist local non-profit organizations. Maybe this is why their number 9 on Forbes 2009 list of the 100 Best Companies to Work For. Their employees get paid to do good deeds....and get out of the office!
Although they may be rated one of the best companies to work for, their workers (especially in the PR department) have quite the burden of having to consistenly repair and rebuild the image they once had before the economic crisis of the past year.
Stay tuned as we'll delve into the many reasons as to why Goldman Sachs are working so hard to repair their image.
Goldman Sachs (GS) has been around longer than your parents, your grandparents, and even longer than your Sociology Professor. It was founded in 1869 by the German Marcus Goldman. The company has changed drastically since then. Currently it operates three major divisions.
1. Investment Banking
2. Trading and Principle Investments
3. Asset Management and Security Services.
The company, which has roughly 14,000 employees, has been under much scrutiny over the past 4 years. The economic crisis as well as some disputed gift-giving has severely damaged their reputation. In the past year alone their stock price has a low of $47.41 and a high of $185.80 which is right around where it currently stands.
With its reputation clearly hanging by mere threads, Goldman Sachs have gotten out in the community. It has several community oriented programs that promotes (actually even pays) its employees to go out and assist local non-profit organizations. Maybe this is why their number 9 on Forbes 2009 list of the 100 Best Companies to Work For. Their employees get paid to do good deeds....and get out of the office!
Although they may be rated one of the best companies to work for, their workers (especially in the PR department) have quite the burden of having to consistenly repair and rebuild the image they once had before the economic crisis of the past year.
Stay tuned as we'll delve into the many reasons as to why Goldman Sachs are working so hard to repair their image.
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