In an unusual display of corporate responsibility, Goldman Sachs admits its part in the financial crisis and tries to make nice with the small business community.

• Goldman CEO Lloyd Blankfein made a statement acknowledging his company’s role in the global meltdown and offering an apology for its actions.
• Attached to the apology is a $500 million donation to go toward supporting small businesses, which will be administered by rock star investor and Berkshire Hathaway CEO Warren Buffet.
• The company has recently been the object of public outrage for issuing record executive bonuses after accepting bailout funds funded with taxpayer money (which it has since repaid).

Facts & Figures

• Goldman’s compensation and bonuses this year already total $17 billion and could reach $23 billion by the end of the year.
• The $500 million pledge represents approximately 2% of compensation funds set aside for 2009.
• In the third quarter of 2009, Goldman Sachs earned more than $100 million on 36 different trading days.

Best Quote

“We participated in things that were clearly wrong and have reason to regret. We apologize.” – Lloyd Blankfein, CEO of Goldman Sachs

Tags: financial crisis, Goldman Sachs, TARP, Warren Buffet