Since 2000, the naming and shaming Public Eye People’s Award has been given to the company with the least corporate social responsibility. The award reminds the corporate world that social and environmental misdeeds have consequences, not only for the affected people and areas, but also for the reputation of the offender.
This year the investment bank Goldman Sachs, among others, has made the short list.
Goldman Sachs is a vampire of finance capital. Never one to waste a crisis – whether a subprime mortgage bubble, a bank collapse, or a Euro-failure – Goldman Sachs makes good money from most of them. The company does not shy away from deals that might ruin entire countries. Between 1998 and 2009, Goldman Sachs pocketed horrendous fees to hide half of Greece’s public debt by means of accounting tricks. These financial constructions eventually ruined Greece and plunged the EU into a financial crisis with no end in sight, even now. Goldman Sachs has already profited handsomely and will continue to do so. So far, Goldman’s profit is at least 600 million dollars and Greece owes the bank 400 million per year until 2037 which will amount to an expense of more than 10 billion dollars for European taxpayers. Goldman Sachs is the epitome of a money machine with an opaque and unmatchable network of allies in top positions such as the ECB-chief, Mario Draghi. Governments come and go. Goldman Sachs stays.
Internet voting determines the ‘winner,’ so check out the site and get to know all of the villains.
Posted by FairFin