Goldman Sachs Crisis Situation On April 16th, 2010, the Securities and Exchange Commission ( second gear) announced that it was suing Goldman Sachs. The SEC alleged that Goldman Sachs intentionally misstated and omitted facts in disclosure documents for a monetary product (a synthetic CDO) which they created and sold called Abacus 2007-AC1. According to SEC, Goldman misrepre directed to investors that an self-reliant guideion agent reviewed the underlying product, and also failed to disclose that a certain hedge fund, which sought to short the financial instrument, had helped select the underlying mortgages. On July 15, 2010, Goldman agreed to pay $550 million â€" $ three hundred million to the U.S. government and $250 million to investors â€" in a dependency with the SEC. The participation also agreed to change some of its caper practices regarding mortgage investments, including the way it designs marketing materials. However, the company did not support or deny wrongdoing. In the end, the SEC savage investigation, and the direct media attention, tarnished the image of Goldman Sachs in the eyes of the public. This was partly due to the company’s missteps in handling the situation. Goldman Sachs made 3 bountiful strategic communication mistakes in handling the SEC criminal investigation. 1. 2. 3. It failed to coordinate a clear message or result to the crisis at the initial stage.
Top people appeared arrogant, not video display any remorse or compassion during the Congressional delegation hearings and other appearances in the media outlets. It ignored the public opinion completely. Goldman Sachs could come used better communication strategies/techniques for each mistake. 1. Only later their stock fell by 23% and shareholders got antsy did Goldman Sachs launch a PR offensive. And it fell on deaf ears. It is a untainted case of too little, too late. The company should have sent a clear message as soon as possible to all of the stakeholders, pointing out that Goldman Sachs is an open and transparent...
Top people appeared arrogant, not video display any remorse or compassion during the Congressional delegation hearings and other appearances in the media outlets. It ignored the public opinion completely. Goldman Sachs could come used better communication strategies/techniques for each mistake. 1. Only later their stock fell by 23% and shareholders got antsy did Goldman Sachs launch a PR offensive. And it fell on deaf ears. It is a untainted case of too little, too late. The company should have sent a clear message as soon as possible to all of the stakeholders, pointing out that Goldman Sachs is an open and transparent...
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