Harsh words for Goldman Sachs

June 15, 2009 | By Jim Kim

"Goldman's management lacks the decency and sensitivity to make a simple statement acknowledging the TARP payback, recognizing that the American system came through for them at a precarious moment, and humbly accepting the new level of social responsibility that places upon them." So writes an essayist on the Huffington Post--one who would like more than a thank you.

He finds the firm exceedingly arrogant for lapsing onto the government dole--of course it was forced to take TARP funds--and then not changing permanently. You do have to wonder if the post-TARP Goldman Sachs will be much different from the pre-TARP Goldman Sachs.

Of all banks, I would say Goldman Sachs has remained truest to its earlier version. Not everyone would say that's a good idea. We'll see if it can remain true to its pioneering model even in a new environment. There is no need for anger...yet. Wall Street has long been arrogant. The time to get angry would be when Goldman or any other TARP bank craters all over again and ends up with even worse capital concerns.

For more:
- here's the essay