After being criticized for plans to pay out billions of dollars in bonuses this year, Goldman Sachs has offered an apology
for the mistakes it made that led to the financial crisis.
The bank also announced Tuesday that it will spend $500 million to help thousands of small businesses dig their way out of the recession.
“We participated in things that were clearly wrong and have reason to regret,” Goldman’s chairman and chief executive, Lloyd C. Blankfein said. “We apologize.”
Elizabeth Warren, who heads up the congressional panel overseeing how the bailout money is being spent, has been vocal in her criticism of big bonuses, especially in a time of high unemployment.
Warren, in an interview with NOW last week, said companies such as Goldman take “taxpayer money and then, while people are unemployed, lard [themselves] with pay.”
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