The proposed public offer of Wall Street’s oldest and most
successful investment bank, Goldman Sachs, produced a fairly typical
response in the UK’s daily press last week.
Reporting on one of the largest flotations ever, 70 per cent focused on
the rumoured pounds 60 million personal enrichment of each Goldman
Only 14 per cent addressed the underlying reasons, while eight per cent
looked at the uncertain future ahead in an industry beset by
overcapacity, consolidation and economic cycles.
Critics pointed to the disparities created by the biggest payout in
corporate history, worried that the sale would destroy the bank’s unique
culture and said that the 15 per cent offer was too little to fund a
Filing from New York, the FT’s Tracy Corrigan, Oliver August of the
Times and Wall Street Journal Europe’s Anita Rhaghavan stood out among
the more thoughtful press commentators writing for those less interested
in knee-jerk reporting and more in the future of the partnership.
Evaluation and analysis by CARMA International. Cuttings supplied by the
Broadcast Monitoring Company. ’What The Papers Say’ can be found at: