2009-07-17

Goldman Sachs PR Nightmare

Goldman Sachs (GS) is reaping a whirlwind on negative sentiment. AIG held the public’s ire briefly, but the bonus issue flamed out because there wasn’t more to the story.

Goldman never had love from the left of the political aisle because it is a capitalist enterprise. Last summer, it started taking additional hits from the populist right over high oil prices. Now, in the wake of billions of dollars in government bailouts, they’ve lost the cover of free-market advocates who decry the union between Wall Street and Washington.

The financial industry is at risk for regulation and public hatred unseen since the Great Depression. While Goldman’s connections with government may ensure its survival, it also ensures that many unpopular events will have Goldman’s name attached to it. The risk here is that public sentiment finds a target for its ire, rather than a generalized hatred of everything Wall Street.

Here are two of the latest anti-Goldman Sachs videos making the rounds.

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