Goldman Sachs has finally sussed out the fact that negative publicity is bad for business. Time to get your stuff in gear, Masters of the Universe. Hey, that’s all right: just throw a few billion into marketing and lobbying, like the entertainment and insurance industries have done, and you’re sorted.
“Goldman has become one giant pinata to whack,” said Charles M. Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware, adding that he couldn’t recall a previous instance where a company cited bad publicity as a risk to its business. “It’s reflective of the rather bizarre political climate in which we operate.”
Follow the story at the Wall Street Journal’s MarketWatch.