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The headline in The Wall Street Journal said it all: “Facebook Flip Riles Goldman Clients” A more apt headline, though, would have been: “Facebook Flop Exposes Goldman Disclosure Issues.”
Harsh? A bit, perhaps. But in reality, it’s likely closer to truth than fiction. For if anything over the past two weeks has shown us, let alone the past two years, it is that some large corporations continue to struggle with the modern standards of corporate disclosure and transparency, even with their own clients.
To be fair, Goldman has made a number of well-publicized attempts in recent months to thoroughly review its client services and its level of transparency with the public and government regulators. Just last week, the company unveiled a 63-page report that examined its business practices. Included in this report was a 39-point plan of action for ensuring ethical standards and best practices are utilized throughout its business. Continue reading