Making good on its words delivered at the annual shareholder meeting, Goldman Sachs (NYSE: GS) released more details Friday about its plan for an internal committee to probe how it deals with potential conflicts of interest and disclosure issues.

The embattled bank said its committee will be headed by former regulator Gerald Corrigan, chairman of Goldman Sachs Bank, and Michael Evans, a vice chairman of the company. More than a dozen employees were named to the committee, including advisor Arthur Levitt, a former chairman of the U.S. Securities and Exchange Commission (SEC news). The committee will look at conflicts, disclosure, client relationships, structured products, and education and ethics, the company announced.

This may be seen as mere public relations. No one doubts that the committee will come up with some recommendations that the firm will then adopt. The issue is whether this amounts to real change. There's going to be some cynicism no matter what. Still, while the committee may do some good, I think it would have been much more effective if the board had spearheaded this effort and included some outsiders as part of the review team.

For more:
- here's a Reuters article

Related Articles:
Mystery e-mini trader revealed
Goldman Sachs, other banks aim to save small Chicago bank
What does Goldman Sachs owe the world?
How onerous would a Goldman Sachs' settlement be?
Goldman Sachs, another Drexel Burnham Lambert?