Goldman wages PR fight to clear its name

Headline News

Goldman Sachs Group Inc. is fighting to clear its name, but not in a court of law.

Goldman has hit back hard against civil fraud charges with a public relations blitz aimed at poking holes in the Securities and Exchange Commission's case and repairing the bank's reputation. Every time the SEC has punched, Goldman has quickly counterpunched.

Public relations consultants say it's too early to know if the strategy is working for Wall Street's most powerful bank. Some big Goldman clients are publicly backing the firm, yet its stock has yet to recover from the double-digit nosedive that followed the SEC lawsuit on April 16.

To help its cause, Goldman has hired Mark Fabiani, a big player in the PR world with strong ties to top Democrats. Fabiani earned the nickname "Master of Disaster" for his handling of crises during the Clinton administration. He now works as a media consultant specializing in corporate crisis management. Goldman has also brought in top corporate attorneys. And its executives, including CEO Lloyd Blankfein, have been out in public, not hunkering down.

The damage control efforts will be on display Tuesday when Blankfein and Fabrice Tourre, the employee named in the SEC fraud charges, are questioned by a Senate subcommittee probing the bank's role in the financial crisis.

Goldman's PR campaign, which runs counter to its long history of secrecy, is a bold yet risky move. Some analysts say a poor performance on Capitol Hill could worsen the bank's image problems and make it harder for it to attract and retain lucrative clients. If the strategy fails, analysts say, it could cost Blankfein and other Goldman executives their jobs.

But the company got a boost last week when several big clients including the investment firm Blackstone Group and Ford Motor Co. said they're sticking by the bank. More support came from Warren Buffett, whose company, Berkshire Hathaway, has a big Goldman stake. Berkshire Hathaway has said Buffett isn't concerned about his investment in the bank.

Related listings

  • Budget crisis puts LA court system at risk

    Budget crisis puts LA court system at risk

    Headline News 04/23/2010

    The nation's largest court system is in the midst of a painful budget crisis that has shut down courtrooms and disrupted everything from divorce and custody proceedings to traffic ticket disputes.The Los Angeles court system has already closed 17 cou...

  • Law Firm Expands CRE Services With Dallas Office

    Law Firm Expands CRE Services With Dallas Office

    Headline News 04/21/2010

    Seattle-based Perkins Coie has opened an office in Dallas, which the law firm says will allow it to better serve the interests of national clients in Texas. Former Greenberg Traurig shareholder Steven R. Smith has joined the firm and will head the ne...

  • Law Firm Advertising to Represent Mine Disaster Families

    Law Firm Advertising to Represent Mine Disaster Families

    Headline News 04/19/2010

    With tragedy comes an outpouring of support but an area law firm's way of helping is raising some eyebrows. Underwood Law Firm wasted no time putting ads in local newspapers a week after the deadly blast killed 29 miners at Massey's Upper Big Branch ...

Grounds for Divorce in Ohio - Sylkatis Law, LLC

A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party

Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party

However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.

Business News

St Peters, MO Professional License Attorney Attorney John Lynch has been the go-to choice for many professionals facing administrative sanction. >> read