3.The «Vampire Squid» and «Gonzo Journalism»
At the peak of the U.S recession after the real-estate bubble burst an article about Goldman Sachs appeared in the «Rolling Stone» magazine. The author Matt Taibbi (pictured) described the bank as a vampire squid which held humanity in its grip. Taibbi's characterization became a buzzword for describing Goldman Sachs, which mulled a legal response.
Blankfein was not «amused». He expressed surprise that the article had such an impact, and described it as «gonzo» journalism in a reference to the deceased reporter Hunter S. Thompson, whose subjective and intuitive writing style gave rise to the expression.
4. The Apology
He could however also apologize. In November 2009 he expressed regret at the role played by Goldman Sachs during the financial crisis. «We have taken part in things which were clearly wrong and we have good reasons to regret this. We apologize for this.» Shortly thereafter Goldman Sachs made $500 million available for small business credits.
