Now raising intellectual capital
Wall Street’s response to public criticism has mainly been exercises in “never apologize, never explain.”
Which makes today’s mea culpa by Lloyd Blankfein all the more extraordinary. Bloomberg News reports:
âWe participated in things that were clearly wrong and have reason to regret,â Blankfein, 55, said at a conference in New York hosted by the Directorship magazine. âWe apologize.â
Such a simple and direct admission should have been made by a number of financial executives months ago, but it is to Blankfein’s credit that he has made it even as the pressure on Wall Street from Washington seems to be diminishing.