In an effort to stem the collapse of its reputation, Goldman Sachs (GS) is imploring its employees not to make any big, ostentatious purchases that might draw attention and media scorn.
NYPost: Goldman Sachs CEO Lloyd Blankfein has warned his employess to avoid making big-ticket, high-profile purchases as the gold-plated Wall Street firm hunkers down amid a firestorm of public and political anger over outsize bonus payments.
According to sources at the bank, Blankfein has Goldman in particular, 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 firm has gotten dinged by a pair of high-profile magazine articles.
This is smart, and not unheard of. We’re in a recession — nobody wants to be noticed for their free-spending ways. Women are shopping with brown bags that cover up the deisgner names on their shopping bags. It’s just good common sense.
Of course everyone in the New York real estate market is hoping this doesn’t extend to fancy digs come bonus season.
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