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May 20, 2010
When business necessities trump professed corporate values: Goldman Sachs and Forest City Enterprises
Atlantic Yard Report
In an article yesterday headlined Clients Worried About Goldman’s Dueling Goals, the New York Times concluded:
While Goldman [Sachs] has legions of satisfied customers and maintains that it puts its clients first, it also sometimes appears to work against the interests of those same clients when opportunities to make trading profits off their financial troubles arise.
Note that Goldman vigorously disputes the article.
Yes, Goldman was behind the Atlantic Yards bond deal, but the interesting parallel regards similar claims by the investment bank and Forest City Enterprises to high ethical standards, and evidence that such standards are trumped by business necessities.
...As for the values professed by Forest City Enterprises, under the heading "Integrity and Openness," the company states:
In all our dealings with all stakeholders, we will uphold the highest possible standards of ethical behavior. Our interactions will be characterized by an attitude of openness, candor and honesty.
NoLandGrab: Huh?! Is there another company named Forest City Enterprises?
Posted by eric at May 20, 2010 11:12 AM