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CEO Says Goldman Sachs Is Duty Bound to Repay Bailout

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Goldman Sachs CEO Lloyd Blankfein says the newly reorganized bank has a duty to give back the funds it received as part of the government bailout, according to Bloomberg.

 

The company is by no means the first to return the government funds, which some have called "toxic."

 

Reuters reports the company plans to raise $5 billion in an effort to pay back Troubled Asset Relief Program funds. Executives made the announcement after Goldman Sachs reported a "better than expected" quarter -- due in part to the "retreat" of several competitors from the market. They noted, though, that the company is treading carefully given the "extremely difficult macroeconomic conditions" we still face.

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