This article that appeared in the International Herald Tribune today is pretty instructive to bankers and financial types, who have, perhaps especially in Indonesia felt like Masters of the Universe with no need to pay heed to how and what they say to the public and the media.
Should be recommended reading for all banks and financial institutions, particularly the points made under the sub-headlines such as Be Humble and Cut Pay. Might be painful reading but rest assured its sound advice.
Wall Street’s Spin Game
A few years ago, Wall Street would have cared less for such artifice — it was enough that the Masters of the Universe were wildly successful; their success spoke for itself. But politics and the bottom line have energized the relationship between these New York institutions of money and spin, as banks see the need to calm the rage directed toward them and confront a public relations problem that has seemed in recent weeks to be spiraling out of control.
Published: November 21, 2009
Lloyd C. Blankfein, chief executive of Goldman Sachs, the bank to bash on a resurgent Wall Street, is receiving a lot of advice lately, and it’s not just about money.
Sitting before an audience of 300 at the Metropolitan Club of New York on Tuesday, he spoke with barely disguised disdain in his voice about the work of the image consultants, reputation experts and public relations advisors who are beating a path to his door, and to the doors of other Wall Street banks vilified for their profits and million-dollar bonuses at a time of continuing economic pain.
“Some people come in and say, ‘You are doing too much. Don’t say another word.’ Other people say we should get on the talk shows,” said Mr. Blankfein (as he was awarded the distinction of C.E.O. of the Year by a magazine for corporate directors.)