On the face of it, Goldman Sachs has a lot to celebrate: They paid back the TARP and are back in black. But no. The backlash against the firm has caused the firm to cancel its Christmas party for the second year in a row. From InvestmentNews:
In an attempt to keep a low profile, The Goldman Sachs Group Inc. has told its employees that it won't be hosting a corporate Christmas party this year.
And don't think you can get around this by hosting your own shindig, Rich Kimball:
The investment bank is also prohibiting employees from funding their own parties, an insider at the firm told InvestmentNews.
Well, the populace should be happy about this. At least until they remember that the real losers here aren't the employees of Goldman Sachs — who will surely still be guzzling magnums of Champagne this season, albeit in basement lairs, wearing Groucho Marx noses and glasses — it's us: The owners of event spaces in which said parties might have been held, the importers of caviar, the cheesemakers, the cake-bakers, the cater-waiters, the dishwashers, the actors who dress up in elf bikinis, all of whom will now have to struggle to buy their kids presents this year. Too bad we can't have it both ways.
Bah! Humbug! Goldman Sachs says no to Christmas party [InvestmentNews via DealBreaker]