Goldman Sachs Said to Be Working With Philanthropy Consultants on Charity Plan
October 16, 2009 | Read Time: 1 minute
Goldman Sachs, reportedly exploring ways to quell a public backlash over expected record year-end bonuses for its executives, is working with the Bridgespan Group, a nonprofit consulting effort, on a giving plan that could exceed $1-billion, says Bloomberg, citing sources with knowledge of the matter.
After accepting, and repaying, billions of dollars in government funds as part of the federal bank bailout, Goldman Sachs earned record second-quarter profits and has already set aside $16.7-billion for compensation this year, putting it in a public-relations bind that has fueled Wall Street speculation of major charitable activity.
A company spokesman said the firm is “highly sensitized to the political issues associated with compensation … in the current environment” but will not make decisions on giving until the end of the year.
