Warren Buffett and Goldman Sachs Team Up to Help Small US Businesses

Goldman Sachs Group (GS), under heavy criticism in Washington for allocating over $16 billion in bonuses in the first nine months of this year, is preparing to team up with Warren Buffett’s Berkshire Hathaway (BRK.A), — the largest shareholder in New York-based bank — to provide assistance to small businesses.

According to Bloomberg, Goldman has notified President Obama’s administration already, and could announce the alliance as early as today. The action, which is a charitable effort from Goldman and Buffett, is designed to offer assistance — ranging from counseling to obtaining funding — to 10,000 U.S. small businesses.

The effort on the part of Goldman Sachs is in all probability designed to also dispel criticism from the main street who perceives the famed investment bank as the greedy face of a financial industry whose excessive risk-taking fueled the credit crisis. Whether Goldman will be successful in its ‘PR’ campaign remains to be seen.

The initiative, notes Bloomberg, coincides with one of the Obama administration’s top economic priorities: spurring hiring at small companies.

2 Comments on Warren Buffett and Goldman Sachs Team Up to Help Small US Businesses

  1. What a mockery!

    From Merill to Goldman, these ibankers keep taking their billions worth of bonuses despite our economic crisis. All of them should burn in hell because our generations of children will be paying for their greedy risky gambling gearing while they keep buying their Porsche, castles and yachts.

    helping small businesses? The best solution is to raise their tax to 90% and cancel all their bonuses. The best solution is to plow back all their profits to help re-pay our national debts.

    It’s an under-statement to say that these ibankers are shameless. They should all be lynched.

  2. oh, I almost forgot that these folks are too BIG to fail. i.e. regardless of what risky gearing they keep indulging themselves, our government will forever use our taxpayers’ money to save them. At the end of the day, they win big and never lose. We the taxpayers will cover their a$s.

    They’re oh so BIG that our Government kept printing money to save them.
    They’re oh so BIG that various other governments almost go bankrupt because of them.
    They’re oh so BIG and influential that all of us American pay our national debt to guarantee their ever-lasting hefty bonuses.
    They’re oh so BIG that even our Government has never seriously lay a finger on them.

    To all ye taxpayers, next time when you pay your ridiculous tax, next time when you go unemployed, just take a look at them. Look at how these bankers exploit loopholes. Look at how they rip us off. Look at what luxurious lives they live. Then you picture how these shameless devils mock, spit, and exploit us law-abiding citizens.

    these ivy league bankers use their crooked minds to develop and package so many complicated derivates and products that even trash get AAA. Yet, even to this day, none had been held responsible. Why? Because they’re big. Because they’re no different from gangster mobs.

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