As Goldman Sachs has alloted more than $16.7 billion in bonuses to be paid to their employees this year, it seems their executives are starting to cave under the mounting pressure applied by the government and every day Americans. Goldman Sachs has announced a $500 million plan to join forces with Warren Buffett to provide assistance to 10,000 U.S. small businesses.
The plan will help small businesses in the form of counseling and obtaining funding. $200 million will go to local community colleges and other universities to provide small business owners and entrepreneurs with practical business education and $300 million will go towards community development institutions. It's a good first step for Goldman, which has also had the foresight to apologize for their role in the financial crisis.
"We participated in things that were clearly wrong and we have reason to regret and we apologize for them," said Goldman Sach's Chairman and CEO, Lloyd Blankfein.
Still, $16.7 billion in compensation bonuses accounts for $527,192 for each Goldman employee. Right or wrong, at least Goldman is taking some much needed first steps in helping out our small business owners which provide 2/3 of all NEW jobs in the United States.
You can read more about the plan here.