Goldman Sachs hires firm to study its image in China

We noted recently that Goldman Sachs' (NYSE: GS) image and PR woes have spread to China, where a recent book Goldman Sachs Conspiracy painted an unflattering picture of the financial giant. It went so far as to say Goldman "has the IQ of an Israeli Shar Pei Dog and the cruel nature of a Manchurian Tiger ... "

Here's another animal analogy: "Like a fox chewing a bone, Goldman Sachs knows the rules of the game and when to go for your neck." Unfortunately, the book has become a best seller.

The bank is sufficiently concerned about public perceptions of the bank in China that it recently contracted with PR firm Brunswick to carry out "a reputational study in China," reports The Telegraph.

The study was apparently commissioned before the SEC filed civil fraud charges against Goldman over a CDO deal that went awry. But it certainly seems prescient now.

If possible, you want to nip these issues in the bud. Unfortunately, these issues "are only set to be exacerbated in the coming months given Goldman's involvement in two of the biggest initial public offerings the region has ever seen," reports The Telegraph. "The bank was one of three to lead AgBank's $22 billion float, and is involved in the upcoming 30 percent float of AIA--AIG's Asian arm."

It will be interesting to see how Goldman responds.

For more:
- here's the article

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