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Goldman Sachs lost clients due to pro-gay campaign, says CEO

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  1. I don’t see how this is news. If a client got its knickers in a twist over human rights (we gay people ARE human you know), then is that a client they really want in 2012?

    1. New Aussie 3 May 2012, 10:49pm

      Well the news is that despite the prospect of losing business he made a stand on this issue. That is rarer than you might think in business.

    2. Spanner1960 4 May 2012, 1:38pm

      When push comes to shove money is God over all.
      What this man did is extremely unusual, and he should be applauded for it.

  2. Congratulations to Goldman Sachs and Thank You for demonstrating that principles, human rights and equality can make a difference – even in the business world.

    They may have lost one (unsurprising) client but I am sure they will gain more due to their stance.

    Goldman Sachs are on the right side of history.

    1. OMG, Stu, do you have any idea what Golden Sacks represents?

      Wake up man!

      1. Well I don’t know about Stu’s knowledge of Goldman Sachs – but as a former business manager for Goldman Sachs myself – I can state that their ethos is one of engaging in a free market whilst immersing the business in personal ethics that value the individual regardless of difference.
        I suspect I know which client they have lost – they won’t be missed.
        Goldman Sachs state “Our assets are our people, capital and reputation, and if any of these is ever diminished, the last is the most difficult to restore.” They stake their reputation on ensuring fairness and integrity including ensuring fairness and equality.
        They also have a very clear stance on human rights:
        http://www.goldmansachs.com/investor-relations/corporate-governance/corporate-governance-documents/human-rights-statement.pdf

        1. LOL, next you will be saying they are doing God’s work!!!

          Grubby parasites, the lot of them.

          Sheesh!!!

        2. Much prefer to take the opinion of a former manager for the organisation (kn owledge from within but no longer feeling restricted in comment due to loyalty) – its usually more informed!

          Certainly its better than those who jump on a bandwagon and have no personal knowledge or evidence of facts – a bit like SamuelB

          Thanks for your comment, Joanne – and the evidence you presented to support it.

      2. That doesn’t change the fact that they’ve got this particular issue right and should be congratulated for it.

        1. “The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates…”

          Well if these are the kind of people we need to show gratitude to then it shows how low some in our community will stoop:- nay, how desperate those like Stu are.

          I would never sacrifice my principles or scruples to align myself to a band of financial gangsters who are now vilified and demonised in the eyes of the world.

          I would sooner take high tea with the Pope!!

          http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405

          1. As I have said SamuelB, there is a lot to criticise Goldman Sachs about – but at least (unlike the Pope they are not complicit in child sexual abuse!).

            However, some of us recognise that good acts (even by organisations which have failings) deserve recognition and encourage further good acts.

            I recognise this policy and the human rights approach that Joanne mentions are positive and dynamic steps by Goldman Sachs – that does not excuse any of the other wrong doing – but is something worthy of recognition.

            I would prefer to encourage an organisation which has made mistakes to rectify them by supporting their good acts, than socialising with a theocrat who has covered up paedophilia – but if thats the bed you choose to lay in … hey, your choice.

          2. So, Stu, just how low are you prepared to go in your clamour for support for gay rights?

        2. Samuel B. 9 May 2012, 3:15pm

          And should Hitler have been praised and congratulated for treating Germans with respect while herding everyone else into internment camps and to their deaths?

          Pass me the sick bag…

      3. In the past year, Blankfein has become a more visible and vocal supporter of same-sex marriage. Along with other prominent Wall Street executives, he signed an open letter to New York state legislators last year urging them to legalize gay marriage. Earlier this year, Blankfein accepted the role of corporate spokesman for the Human Rights Campaign, a gay-rights advocacy group.

        Now Goldman Sachs like many other organisations have failings, but they deserve credit and praise for this clear statement of support for LGBT people!

        1. As Luke says Goldman Sachs have failings and their tax avoidance and requirement for economic bail out etc are example of this.

          However, I recognise in this matter they are acting morally and strongly and I support that.

          1. “The bank’s unprecedented reach and power have enabled it to turn all of America into a giant pump-and-dump scam, manipulating whole economic sectors for years at a time, moving the dice game as this or that market collapses, and all the time gorging itself on the unseen costs that are breaking families everywhere — high gas prices, rising consumer credit rates, half-eaten pension funds, mass layoffs, future taxes to pay off bailouts. All that money that you’re losing, it’s going somewhere, and in both a literal and a figurative sense, Goldman Sachs is where it’s going: The bank is a huge, highly sophisticated engine for converting the useful, deployed wealth of society into the least useful, most wasteful and insoluble substance on Earth — pure profit for rich individuals. They achieve this using the same playbook over and over again…”

            Ah yes, oh so moral, Stu.

            With hindsight, perhaps not so shocking you would support that…

          2. Samuel B

            I do not support that. I support their encouragement of human rights, not their well documented failures. Perhaps your brain can not quite cope with the subtle difference or the ability to support actions of a person or organisation whilst condemning other actions. Some of us are a tad more sophisticated than black and white polar opposites, perhaps not surprising that you are not.

          3. Again, Stu, how low are you prepared to stoop in your clamour for support for gay rights?

            Dancing with the devil?

          4. I do not believe I am stopping low in congratulating a firm for supporting equality.

            I do not support other actions of the same organisation.

            Sorry your little brain can not cope with welcoming one act of an organisation and criticising others. Some of us have the nosue to be able to deal with that.

            Enjoy your tea with the paedophiles!

        2. Samuel B. 9 May 2012, 9:26pm

          “Blankfein has become a more visible and vocal supporter of same-sex marriage.”

          Was that a typo? Surely you mean risible, Luke?

  3. Kudos for whoever can establish who the homophobic client are ….

    1. That There Other David 4 May 2012, 12:03pm

      From the timeline it’s going to be someone New York based, rich, and the name wouldn’t surprise us.

      My money is on it being Donald Trump. Purely conjecture, but I think it’s a pretty good guess.

  4. Out the homophobic client. if they are a corporate entity I want to make sure my money isn’t going to them. If they are an individual, I want to make sure that my money doesn’t go to help support companies who might sponsor or otherwise support them.

    1. Robert in S. Kensington 3 May 2012, 9:17pm

      Indeed, it’s a matter of public interest since public tax dollars contributed to their survival. Not one Goldman Sachs employee involved in the home mortgage debacle went to prison.

  5. Andrew in Oz 3 May 2012, 9:08pm

    I would like to know which client? I may want to boycott them…

  6. Robert in S. Kensington 3 May 2012, 9:12pm

    Losing one client is hardly a loss and let’s not forget, Goldman Sachs was one of the major recipient of the American government’s bailout. I don’t feel sorry for them losing one client. The six figure bonuses Goldman Sachs executives receive are obscene.

    1. Losing one client is nothing.

      Think of all the clients they will gain!

      Principles sometimes cost a few quid when you start to make a stance, they are almost always recouped in the kudos for demonstrated ethics and a robust humanity.

      1. “Think of all the clients they will gain!

        Principles sometimes cost a few quid when you start to make a stance, they are almost always recouped in the kudos for demonstrated ethics and a robust humanity.”

        Hasn’t it not occurred to you, Stu, that now GS has sucked the middle classes in America dry, they are coming after…US???

        If you think for one minute that GS et al are warm-hearted people and regard gay men first and foremost as human beings worthy of respect and rights as opposed to higher-than-average earning individuals with a net worth that they genuinely believe they’re entitled to and are, as we speak, devising sleights of hand to extract us from then more fool you!

        These are cold, calculating and callous people.

        Study after study shows the typical psychological profile of their ilk to fit that of a psychopath:- someone who won’t shirk to make decisions that boost the bottom line regardless of the cost in financial pain and suffering to society.

        “Robust society” indeed!

  7. Robert in S. Kensington 3 May 2012, 9:15pm

    What is more, gay American tax dollars contributed to Goldman Sachs bailout with the stimulus package President Obama signed off on. This man should disclose who the ‘loser’ client was.

  8. Dr Robin Guthrie 3 May 2012, 9:31pm

    Human rights and personal greed are awry entities.

    It takes one kind of fiscally wealthy human to recognize that they are potentially overriding another.

    Well done.

  9. Since when did we ask the life-sucking giant vampire squid to wrap its tentacles around our cause?

    Bugger off, Blankfein, and find some other repressed minority do hang your fake PR posturing on.

  10. Goldman Sachs is a disgusting company.

    1. Are you a communist or marxist?

      1. One doesn’t have to be a marxist to have severe doubts about the justice and ethics of rampant, unregulated free-market capitalism.

        1. VP

          True. Although dAVID is often very anti capitalism and business in some of his comments – so I get what Rashid my have been getting at.

        2. Baking isn’t free market capitalism, it’s heavily funded by the state via Central Banks – this is why it’s so potentially poisonous and unstable.

          1. Dan Filson 4 May 2012, 10:37am

            First time I heard that baking carried political connotations and was state-subsidised. Hang up your pennies NOW!

          2. Dan Filson 4 May 2012, 10:38am

            Pinafores, pinnies, not pennies!

      2. More likely he is just a repulsive anti-semite.

        1. No I’m not – Goldman Sachs is a disgusting parasite of a company.

  11. and when are they going to pay their tax bill?

    1. Robert in S. Kensington 3 May 2012, 11:59pm

      NEVER! They don’t believe in taxes, they don’t much care for government. They’ll push for every loophole they can get at the expense of the middle class and working poor! They don’t give a damn about anyone but themselves. Hooray for me and to hell with US! Income inequality thrives while they shelter their income and profits overseas and shift the tax burden and jobs overseas at the expense of jobs at home, in particular manufacturing jobs. What do we make in the UK?

    2. Spanner1960 4 May 2012, 1:43pm

      Taxes are for the little people, dear.

  12. Yes, If anyone supports SSM, lets really put the boot in and leave those who just don’t bother alone.

    That will show the homophobes.

  13. “From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they’re about to do it again.

    “The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates…”

    Read more: http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405#ixzz1ttQUfr2w

  14. This thread just proves my theory how self-obsessed and blindly zealous many gay men are:- putting our own interests above the bigger picture that looms large over every human being alive today.

    Yes, gay rights and equality are important and must be fought for, but not at all costs, surely?

    If we’re prepared to abandon our moral compass and zealously and blindly praise one of the most loathed and morally corrupt and repugnant corporations in the world just because they pledge their support for gay rights, what does that say about US??!

    Is there no institution or entity in the world too rotten that we won’t thank for their allegiance?

    And has it occurred to no one on here that GS is on a damage limitation offensive right now and part of that campaign is a gay charm offensive?

    That, in fact, we’re being used like sheep to bolster its PR at this particular time, as it fights to repair its tattered image in the wake of the worst barrage of publicity ever aimed in its direction?

    1. If its PR and it benefits LGBT people surely thats (in part) a good thing?

      In the same way that I welcome Tesco’s support of Pride and their support of a staff LGBT association but do not support the damage they do to the conventional high street or farmers – I welcome Goldman Sachs support of human rights and condemn their approach to taxation and other practices within the organisation.

  15. Goldman Sachs whilst not perfect, has received favorable press coverage for conducting business and implementing internal policies related to reversing global climate change. According to the company website, the Goldman Sachs Foundation has given $114 million in grants since 1999, with the goal of promoting youth education worldwide.
    They have been on Fortune Magazine’s 100 Best Companies to Work For list since the list was launched in 1998, with emphasis placed on its support for employee philanthropic efforts. In Nov 2007, Goldman Sachs established a donor advised fund called Goldman Sachs Gives that donates to charitable organizations around the world, while increasing their maximum employee donation match to $20,000. The firm’s Community TeamWorks is an annual, global volunteering initiative that in 2007 gave over 20,000 Goldman employees a day off work from May through August to volunteer in a team-based project organized with a local nonprofit organization.
    In Mar 2008, Goldman

    1. launched the 10,000 Women initiative to train 10,000 women from predominantly developing countries in business and management.
      In Nov 2009, Goldman pledged $500 million to aid small businesses in their newly created 10,000 Small Businesses initiative. The initiative aims to provide 10,000 small businesses with assistance – ranging from business and management education and mentoring to lending and philanthropic support. The networking will be offered through partnerships with national and local businesses, as well as employees of Goldman Sachs. In addition to Goldman CEO Lloyd Blankfein, Berkshire Hathaway’s Warren Buffet and Harvard Business School Prof Michael Porter will chair the program’s advisory council.
      The bank’s message is simple: Goldman cares about its clients and its community.
      As the Washington Post reported ‘“Any time that you’re engaging proactively is a good thing. The press around Goldman is never going to go down to zero, but the goal is to be less a target”

  16. How much of this is pure spin, I wonder?

    How many clients has GS lost because it is blatantly morally bankrupt and has not a fibre of conscience in its entire being?

    And when it has been revealed to be shafting the interests of its own clients left, right and centre?

    How ironic, desperate and, frankly, downright impudent, therefore, of Blankfein to be pointing to its gay rights support as the reason for GS losing clients when it is its own conscience it ought to be searching for the REAL reason as to why that is…

  17. I don’t get this idiot, SamuelB

    I do not believe for one moment that he is bothered about the disastrous policies on taxation etc of Goldman Sachs.

    He is just sore that an organisation are seeking to promote equality and fairness – because he feels that is PC. He hates anything PC, whether its to do with gay people or not. He is a down and out bigot.

    As for PC – no I do not see Goldman Sachs that way. They are a disreputable company, but their conduct on LGBT issues can be congratulated.

    SamuelB’s appraoch to equality cannot.

  18. darkmoonman 4 May 2012, 3:25pm

    While Goldman Sachs has done much to further the recession that the USA and Europe have suffered since 2009, and while I personally do not agree with their methods, I do realize that this is the best that I can expect from big business and conservatives. No one really expects them to make a complete reversal and take up the cause of the marginalized peoples of the world by an act of compassion.

  19. So what does he want a medal ? Welcome for the support but he needs the good pr even more

    1. Samuel B. 4 May 2012, 9:23pm

      Hear hear!!!

  20. Staircase2 5 May 2012, 12:17am

    …’at least one’ huh..?

    How bout the other ones you may have WON?!

  21. Saw a post-card the other day with a burglar running away with Gold-in Sax, sums Goldman Sachs up don’t you think ?

  22. Dear PN, please, finally, post a new financial news story so we no longer have to put up with the smugly insincere gargoyle, sorry, Chief Exec., from one of the most evil and corrupted corporations on the planet leering at us from your home page…

    1. It is, to put it mildly, grotesquely offensive…

  23. Archive?

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