Tuesday, August 4, 2009

Goldman tells employees to stop acting "Goldman"

Goldman Sachs CEO tells employees to avoid making big-ticket, high-profile purchases - NY Post (164.10)

NY Post reports co CEO has warned his employees to avoid making big-ticket, high-profile purchases as the gold-plated Wall Street co hunkers down amid a firestorm of public and political anger over outsize bonus payments. According to sources at the bank, Blankfein says purchases should be toned down in light of the billions in bailout money that banks, including Goldman, have gotten from Uncle Sam. A source within the bank said Blankfein first began calling for an end to the conspicuous consumption late last year, but has stepped up his campaign in recent weeks as the White House has sought to rein in compensation and as the co has gotten dinged by a pair of high-profile magazine articles. "This is a sensitive time for us, and [Blankfein] wants to make sure that we're not being seen living high on the hog," said one Goldman exec.

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