New York-based PR executive Eric Starkman writes Monday for Forbes.com that the negative coverage Goldman Sachs has received since being charged with fraud by the Securities and Exchange Commission is a result of its poor public relations strategy.
“Quite a few reporters initially parroted Goldman’s argument without objectively analyzing it. However, all Goldman’s strategy bought the firm was time–not a free pass–as the media wasn’t duped for long. Within days, The New York Times reported that Goldman had insurance in place on the Abacus transaction to offset the $100 million loss and, separately, internal Goldman Sachs e-mails made public by a congressional committee also suggested that Goldman had profited handsomely as the housing crisis escalated. The Columbia Journalism Review went so far as to warn reporters to be wary of Goldman’s ‘forked tongue.’
“In addition to combating charges of fraud, Goldman must now deal with the fallout from being publicly accused of lying. Regretfully, there are now other known incidents of spin that suggest that Goldman views the intellect of Congress and the public as cynically as it did the investors who were long the Abacus deal.”
Read more here.
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