Tags: goldman | china | criticism

Everybody Hates Goldman, Even China

By    |   Monday, 14 Jun 2010 09:49 AM

The public relations problem for Goldman Sachs has gone global. Criticism of the formerly gold-plated investment bank has spread to China.

Since the Securities and Exchange Commission filed fraud charges against Goldman in April, it has received a slew of bad publicity.

And now the Chinese media has piled on, the Financial Times reports.

“Many people believe Goldman Sachs, which goes around the Chinese market slurping gold and sucking silver, may have, using all kinds of deals, created even bigger losses for Chinese companies and investors than it did with its fraudulent actions in the U.S.,” wrote the China Youth Daily, a state-owned daily newspaper.

The story didn’t launch specific accusations against Goldman, but called it a “black hand (that) played little tricks carefully designed to gamble with Chinese enterprises.”

The article was posted on the web sites of the government’s news agency Xinhua and the Communist Party newspaper People’s Daily.

Several other publications ran similar stories, the FT reports.

Some of the pieces blasted Goldman for selling oil hedging contracts to state-owned Chinese companies that lost billions of dollars when oil prices plummeted in 2008-09, despite Goldman forecasts to the contrary.

The overarching complaint is that Goldman makes too much money in China.

Chinese media aren’t the only ones angry at Goldman.

The U.S. Financial Crisis Inquiry Commission has subpoenaed the bank, accusing it of being uncooperative in providing information to the group investigating the financial crisis.

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The public relations problem for Goldman Sachs has gone global. Criticism of the formerly gold-plated investment bank has spread to China. Since the Securities and Exchange Commission filed fraud charges against Goldman in April, it has received a slew of bad...
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2010-49-14
Monday, 14 Jun 2010 09:49 AM
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