Goldman Doesn't Need to Make Apologies: Langone
Although Goldman Sachs is completing a report that will shed light on the financial firm's business standards and ethics, Kenneth Langone, a venture capitalist and investment banker of more than 30 years, says the firm doesn't have anything to worry about.
"I think Goldman doesn't need to make apologies," said Langone, who's been both a client and competitor of the financial giant . "When you're their client, they do their very best and when you're their competitor, they also do their very best."
Langone, who was once a director of the New York Stock Exchange, dismissed criticism that under CEO Lloyd Blankfein, Goldman shifted its focus from banking to more of a trading culture. All of the firms on Wall Street did that, he said, only Goldman was better able to manage their risks.
Too much blame has been put on Goldman for the financial crisis, Langone argued. Avoiding a liquidity shortfall takes having a good company that can execute and a good provider of capital.
"The capital formation system is alive and well," he said. "If you've got a great idea and you've got a need for money, Goldman among the best, to get you the money you need."
Langone co-founded Home Depot and served as director of its executive committee from 1978-2008.
More recently, he founded and is CEO of Inverned Associates, a NYSE member firm engaged in brokerage. He also serves on the boards of Yum! Brands , Unifi , Parkdale Mills, Micell Technologies and Geeknet .
When this post was published, Langone owned Goldman Sachs.