In the aftermath of the SEC's (SEC news) civil charges, Goldman Sachs (NYSE: GS) has spent a lot of time meeting with clients and key constituents. Part of the message is that the firm will undergo a thorough review to examine the practices and products of the tarnished investment bank.

CEO Lloyd Blankfein (Lloyd Blankfein news) told shareholders that he is forming a business standards committee to look into all this, according to the AP. The committee will report to the Goldman board of directors. There are two ways to look at this. One might argue that this is all for show, that the PR and image crises that have beset the firm demand that management act, if only to appear that it's doing something. But Blankfein has acknowledged that there's a "disconnect" between the public perception of the firm and how the executives view the firm.

The most likely scenario is that the eventual report will recommend some new practices to address some of the issues, like disclosing the roles of various clients in the creation of various products. But is there an outside chance it will make some Jerry Maguire-like recommendations, like cutting back in certain areas where the products mainly serve to facilitate some massive wagers--heresy to be sure. 

For more:
- here's the article
- Blankfein discusses risk
- Blankfein tells shareholder gadfly he won't step down
- Shareholders reject resolution to split CEO and chairman job

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