New York Times Columnist Disappointed Goldman Sachs Didn't Hang On To Stake In Sex Trafficking Company, Clean Up Shop With A Little Activism
On April 2, the Times ran a piece by columnist Nichholas Kristof entitled "Financiers and Sex Trafficking." Kristof wrote that he had figured out that a website called Backpage.com--a place where, among other things, those looking for underage girls and of age women forced into prostitution, can find them--is owned by "an opaque private company called Village Voice Media," which until recently was in part (16 percent) owned by Goldman Sachs. Upon being contacted about the matter, the "mortified" firm "began working frantically to unload its shares," all of which were sold several days later. Today Kristof went on CNBC to discuss the matter and while he can sort of see why the bank wouldn't want to be publicly associated with an "emporium for girls" (which he doubted top executives knew about), he can't help but feel that if Goldman really cared, it would have continued its relationship with the company and "used its stake to try to advocate for change within...rather than just selling back to management." Goldman's Ties To Sex Trafficking [CNBC via BI]
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