Goldman CEO Apologizes for Role in Financial Crisis

NEW YORK (Reuters) - Goldman Sachs Group Inc chief executive Lloyd Blankfein said his firm "participated in things that were clearly wrong" in the lead-up to the financial crisis, Bloomberg News reported on Tuesday.

Lloyd Blankfein, told a corporate conference in New York that the bank regretted taking part in the cheap credit boom that had fuelled the pre-crisis bubble. “We participated in things that were clearly wrong and have reason to regret,” said Mr Blankfein. “We apologise.”

Mr Blankfein also told the conference he wished he had not told the UK’s Sunday Times newspaper that Goldman did “God’s work” – a remark that was seized upon by the bank’s critics – and said it had been meant as a joke.

As a result of the crisis, Goldman Sachs (NYSE: GS - news) and competitors received billions of dollars in bailouts from taxpayers.


Related Links:
1. http://seekingalpha.com/news/market_currents/post/36688
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