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News In Brief

Goldman Sachs seeks to improve PR

Daryl Paranada May 3, 2010

Goldman Sachs is on a bid to repair its reputation. The bank has hired Mark Fabiani, a PR vet who aided former President Bill Clinton through the Whitewater scandal, to handle its crisis management. Fabiani earned the nickname “Master of Disaster” for his management of the crises during Clinton’s presidency.

The investment bank is on a damage control blitz after its reputation took a beating following Securities and Exchange Commission charges that it committed fraud.

From the Financial Times:

A person familiar with Mr Fabiani’s approach said he would work to create a “counter-narrative” to rebuild Goldman’s image and bring a more “disciplined approach” to the bank’s public relations efforts. “What has happened, has happened. You can’t put the genie back in the bottle. People will evaluate you by how you handle the issue going forward, and that is why maintaining one’s credibility is critical,” the person said.

Goldman Sachs CEO Lloyd Blankfein appeared on “Charlie Rose” on Friday, where he admitted that his firm is doing some “soul searching.” Blankfein said that the public’s anger is justified in some cases. “On a molecular level, we’re going to be going through everything we do,” he said.

In more bad news for Goldman, The Washington Post reported that the Justice Department’s criminal investigation into Goldman Sachs expands on the financial transactions targeted by the SEC.

Follow our coverage on the SEC vs. Goldman here.

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