Even Goldman’s Advertising is Backfiring

It’s one thing to have your silver-tongued spokesperson go a little overboard in defending your corporate interests. But when you take out an ad touting your own patriotism, and it leads to a Congressional inquiry, you know things have really gotten bad.

On Tuesday, Goldman Sachs decided it would be a good idea to let the rest of America know–in the pages of Politico–that it’s  “one of the principal underwriters” for the Build America Bonds program. Which all sounds very patriotic–unless you’re the ranking Republican member of the Senate Finance Committee.

“As ‘one of the principal underwriters’ of the Build America Bonds program, please answer the following questions,” wrote Senator Chuck Grassley of Iowa in a letter to Lloyd Blanfein, which went on to more or less accuse the bank of charging too much in underwriting fees.

So add this to the list of bewildering public relations decisions by the nation’s most successful bank. I mean, Politico, really? Surely you can push your bond-underwriting patriotism in USA Today just fine, without any senators firing off a public letter.

 

Even Goldman’s Advertising is Backfiring