Goldman, Buffett, to help small businesses | FT Alphaville

Goldman, Buffett, to help small businesses

Goldman Sachs apologised for its role in the financial crisis on Tuesday pledged $500m over five years – or about 2.3% of its estimated bonus and salary pool for 2009 – to help 10,000 US small businesses recover from the recession. The moves come as the bank tries to defuse a public backlash over its lavish bonus plans after earning record profits in the first nine months of the year. Lloyd Blankfein, CEO, stressed that Goldman’s small-business initiative – to be overseen by a panel co-chaired by Warren Buffett, a Goldman investor – had been planned for a year.