We've noted recently that the PR managers at Goldman Sachs (GS) have quite a challenge set out before them. There's no way the bank is going to forgo bonus payments. That's not an option. They may change the composition a bit, emphasizing stock. But bonuses will be paid. So what the bank has to do is set the PR groundwork now, to prepare the media, the pundits, Congress and others.

This has to go way beyond a big charitable contribution to an in-house foundation. It will be fun to see how creative the firm gets. CEO Lloyd Blankfein, speaking at an event hosted by Fortune, seems to be getting started already. He emphasized how the firm "serves 'an important social purpose' by channeling pools of money held by pension funds and others to companies and governments around the world." Those investments foster economic growth.

This may well be true. The danger is that it comes off like propaganda. Blankfein also said: "We're doing things we should have done all along to show people what we do in the world." 

For more:
- here's the article

Related Articles:
What should Goldman Sachs do?
Goldman Sachs (GS) Earnings Q3 2009
What to make of Goldman Sachs' earnings?
Video: Goldman will hit $240