We are sorry, says Goldman

Goldman Sachs chief executive Lloyd Blankfein yesterday apologised for his bank&rsquo;s participation in the cheap credit binge that fuelled the bubble. &ldquo;We participated in things that were clearly wrong and have reason to regret,&rdquo; Blankfein said, speaking at a conference in New York. &ldquo;We apologise.&rdquo;<br /><br />The admission came as Goldman, whose large profits and bonuses have been attacked by some, said it was teaming up with billionaire investor and Goldman shareholder Warren Buffett to launch a $500m (&pound;297.4bn) programme to aid small businesses.<br /><br />Goldman&rsquo;s &ldquo;10,000 Businesses&rdquo; initiative will contribute $300m to support programmes designed to improve access to capital for small businesses. The initiative will also commit $200m for business and management education programs.<br /><br />The advisory council for the initiative will included Blankfein, Buffett and Michael Porter of Harvard Business School.<br /><br />Goldman reported more than $3bn in profits for each of the last two quarters and set aside nearly $17bn over the first three quarters of 2009 to pay employees, just months after it repaid with interest the $10bn it borrowed from taxpayers.<br />