Goldman Sachs Group Inc. has revealed plans to put in place a “10,000 Small Businesses Initiative” worth $500,000. The company will provide $200 million to educational institutions dedicated to guiding business owners and another $300 in investments for philanthropy with the intention of helping community development groups.
Warren Buffet, Goldman’s largest shareholder via his Berkshire Hathway Inc. will be supporting the initiative.
While the half billion devoted to the cause may seem generous, it is little in comparison to the $16.7 billion the company has put toward employee bonuses this year. Considering how well-broadcast that number has been, Goldman’s charitable ploy may not have the positive publicity effects they intended.
Goldman’s role in the credit crisis is no secret and their deficient and transparent philanthropic maneuvers will do little to encourage a return of public trust. If anything, the initiative has stirred up more criticism than praise, with countless media outlets railing against the move for being what the wall street journal coins "A day late and a dollar short".
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