Goldman Sachs & Friends
So, news has spread far and wide that Goldman Sachs has launched a $500 million program to help small businesses. This commitment accompanied an apology from GS head honcho Lloyd Blankfein for GS’s role in, ya know, our economic near-apocalypse.
Thoughtful.
But I’m sure GS knows they will have to excuse some people who might see this as nothing more than a (insert audible gasp) specious PR play to salvage its reputation.
Recognizing this, GS did something smart. It decided to partner with some people who can, by sheer aura, lend the necessary credibility for this to work. On the program’s advisory council sits – in not a throne but a befittingly humble office chair no doubt – is Mr. Warren Buffett. His reputation is such that his endorsement is sacrosanct.
Also in the mix is HBS Professor Michael Porter, one of the pioneers of the corporate responsibility movement in the U.S. While not a household name, he is a well-respected authority known in all the right business and corporate responsibility circles. He adds the academic gravitas.
Therein is the lesson. When reputation is on the line, companies should engage friends – influencers who can burnish legitimacy and say, “Hey, I’m vouching for them.”
Whether it works in this case, with public anger at a furious boil, remains to be seen.
Mike Sacks can be reached at msacks@mww.com