Monday, April 2, 2012

"B" is for Backpage.com (4.2.2012)

Apparently the website Backpage.com is one of the largest "emporiums" of sex trafficking of under-age girls in the United States. Of course the real story here is that Nickolas Kristof of The Times sifted through more layers than even Cake Boss is used to dealing with in order to reveal that under the amorphous corporation holdings and sham front offices, Goldman Sachs owned a 16 percent stake in the company.



"Goldman Sachs was mortified," Kristof wrote, "when I began inquiring last week about its stake in America’s leading Web site for prostitution ads. It began working frantically to unload its shares, and on Friday afternoon it called to say that it had just signed an agreement to sell its stake to management." 


Goldman Sachs has had more than it's fair share of public embarrassment in the month of March. Just two weeks earlier, Greg Smith, a Goldman Sachs executive director bid the firm a very public and very critical farewell on the Op-Ed pages of The Times ("Why I Am Leaving Goldman Sachs").

The story quickly went viral, forcing Goldman's chief executive officer, Lloyd C. Blankfein, and president, Gary D. Cohn, to post a response to the Op-Ed piece on the company's website. Too little too late? Too soon to tell, but one thing is for sure: a link to the ownership of Backpage.com will do nothing to refute Greg Smith's prediction that [a] "decline in the firm’s moral fiber represents the single most serious threat to its long-run survival."
     
      
To read Nicholas Kristof's story, 
Financiers and Sex Trafficking, go to:
 http://www.nytimes.com/2012/04/01/opinion/sunday/kristof-financers-and-sex-trafficking.html?scp=3&sq=Goldman%20sachs&st=cse
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Author's Note: In the month of April, I am participating in the A to Z Blogging Challenge. The idea is to blog about something every day, starting with the first letter in the alphabet ("A") and continuing through all 26 letters (to "Z"). We get Sundays off for good behavior. In order to make this fun and challenging, I've decided to theme my A to Z blogging. Here's the plan: since I love reading The New York Times, and since I always find no shortage of frightfully interesting stories, I am going to center my blog on the stories I find in The Times. I am late in starting already, so I will be doing a post today on "A" and a post for "B". Whew. This should catch me up.

5 comments:

  1. ugh, how could they let that happen? Terrible.


    http://elizabethsheryl.blogspot.com

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  2. WOW didn't know that..odd twist..seasons of persevering..he is a catalyst

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  3. Never heard of this - but how horrendous.

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  4. Wow. Who knew?? I'm glad that Kristof was able to use his powers for good and put the pressure on. Hopefully all the press will help make a difference...

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  5. Glad to hear they responded so quickly, and I hope the example will lead more companies to examine their holdings more carefully.



    Aurora Celeste
    yasff.blogspot.com
    dramaticthreads.com

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