Thursday, 30 July 2009

Lucas spins right round

Goldman Sachs spinner-in-chief, Lucas van Praag, has never been this dizzy.
As the attacks on the bank pour in from publications both thoughtful (Rolling Stone) and wild-eyed (Wall Street Journal), van Praag is working double-time to keep the critics in line.
Not surprising then, that he may have appeared to contradict himself on occasion, as he tries to explain why Goldman is not actually to blame for everything from swine flu to global warming.
Sometimes, in trying to explain the unique culture of the bank which makes it so successful (it's definitely the "culture", not the government bailouts) he describes a place where ideas spring forth from bright individuals who are encouraged to speak out:
"In some other firms, nobody disagrees with the boss. Lloyd Blankfein would say that's not a luxury he enjoys," he offers to The Daily Telegraph.
On other occasions, he reckons instead that the secret is the fact that Goldmonites are a bunch of drones who all think and act alike.
"The cult of the individual, which I think has been a disadvantage to so many of the firm's competitors, really doesn't exist here," he tries.
Well, which way round is it, old son?

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