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Goldman Sachs 'apology' hollow

Lloyd Blankfein, chairman and chief executive of Goldman Sachs, issued an apology of sorts last week for his firm's role in the subprime mortgage crisis. The investment bank also announced a $500 million program to invest in small businesses. But as McClatchy Newspapers reported, $500 million is only 2.5 percent of the $20 billion in bonuses that Goldman is expected to pay its employees next month. And a New York Times editorial noted that Blankfein never said exactly what he was sorry for or to whom he was apologizing. If Goldman is really sorry, the editorial said, it should make a multibillion-dollar donation to the federal Bureau of the Public Debt.

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