Tuesday, November 17, 2009

Blankfein & Buffett Establish $500 Million Small Business Charity

(Click on Photo to Enlarge)

New York -- "Oracle of Omaha" Warren Buffett has announced that he is "teaming" with  Goldman Sachs to provide assistance to 10,000 small businesses in the U.S. through a $500 million charitable effort:

"The newly created “10,000 Small Businesses Initiative” will be guided by an advisory council co-chaired by Blankfein, Buffett and Harvard Business School’s Michael Porter. The council will include George Boggs, president and CEO of the American Association of Community Colleges, and Dan Danner, president and CEO of the National Federation of Independent Business.
The program will contribute $200 million to local community colleges, universities and other institutions to provide small- business owners with practical business education. Goldman Sachs will invest $300 million through a combination of lending and philanthropic support to community development financial institutions."

The article states that the initiative "aims to provide assistance -- ranging from counseling to obtaining funding -- to 10,000 businesses." Buffett’s Berkshire Hathaway Inc. is the largest shareholder in New York-based Goldman Sachs. Counseling and obtaining funding? For $500 million, that's got to be some  kind of gold-plated counseling for those unnamed 10,000 small businesses along with access to obtaining funding...

Good to know that Buffett and Lord Blankfein feel the need to "do the right thing" by helping all of those charitable and philanthropic GS venture-backed portfolio companies (small businesses) to potentially get their newly minted guest worker/student visa holders up to speed by packing them off to community colleges. No mention was made as to whether or not unemployed/underemployed American engineers will be eligible for participation.


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