Goldman Sachs looks to bail out its image

NEW YORK, Nov. 17 (UPI) -- New York financial giant Goldman Sachs, with profits soaring, said it would spend $500 million over five years in a goodwill gesture to small businesses.

With Goldman Sachs setting aside $17 billion for bonus compensation in the first three quarters of the year despite a crumbling economy, the bank is trying to "improve its battered image," The New York Times reported Tuesday.

The image of banks in general has soured due to the impression they played a significant role in pushing the economy toward a crisis. Taxpayers then gave hundreds of billions of dollars to rescue banks, while businesses collapsed and the unemployment rate soared to 10.2 percent.

In a recent interview, Goldman Sachs Chief Executive Officer Lloyd Blankfein justified his firm's huge profits by saying the bank was "doing God's work," the Times said.

"We help businesses to grow by helping them to raise capital," Blankfein said.

Goldman said Tuesday it would offer 10,000 small businesses help with a mentoring program, business and management education and providing access to capital.