Should we be enthusiastic about Goldman Sachs, perhaps the most powerful investment bank in the world, coming into Leeds and helping to train the next generation of Leeds entrepreneurs?<\/p>\n
Should we find the idea abhorrent?<\/p>\n
Or perhaps we should practice a little ambivalence?<\/p>\n
It seem to me we have plenty who are\u00a0enthusiastic\u00a0about the idea. \u00a0The City Council and Leeds Ahead<\/a>, who have been\u00a0instrumental\u00a0in attracting the Goldman Sachs programme\u00a0believe\u00a0it to be a good thing. \u00a0And ‘Yorkshire Icon<\/a>‘ Lord Graham Kirkham, founder of DFS, Conservative Party Funder and\u00a0one of Yorkshire\u2019s most successful entrepreneurs, has described Goldman Sachs\u2019 support as ‘heaven sent<\/a>‘.<\/p>\n And it is easy to find those who instinctively reel against the\u00a0involvement\u00a0of a major investment bank in such a programme. Never mind one that has been characterised as ‘A Giant Vampire Squid<\/a>‘<\/p>\n [youtube=http:\/\/www.youtube.com\/watch?v=QoUWgI-c9g4&]<\/p>\n As well as generic banker bashing they will cite Goldman Sachs apparently significant influence in the US Government<\/a>, their alleged\u00a0involvement\u00a0in an alleged fraud that led to the RBS losing \u00a3545m and several other controversies<\/a> as reasons why we should consider their role in our city less than ‘heaven sent’. \u00a0 They may also express concern that one of the partners in the programme, Said\u00a0Business\u00a0School, was founded by Wafic Said<\/a>, friend to the Saudi Royal family, Margaret Thatcher and a key player in helping the UK Govt to win the Al Yamamah Arms<\/a> deal which has had interesting consequences in the Middle East and for our oil security.<\/p>\n What it seems much harder to find is any ambivalence to the project.<\/p>\n Any sense of a cautious but pragmatic engagement with a\u00a0strategic\u00a0partner whose real long term interests in working with 25 of our\u00a0local\u00a0businesses,\u00a0carefully\u00a0selected for their high growth potential, may not yet be\u00a0completely\u00a0clear. \u00a0In Goldman Sachs’ own words<\/p>\n ‘The Goldman Sachs Foundation<\/a> works with outstanding organizations to prepare and support the development of the next generation of leaders around the world. \u00a0Drawing from the core expertise of Goldman Sachs, our programs in Promoting Leadership, Entrepreneurship and Business Education are designed to give participants practical skills and the broad world view they need<\/strong> to become decision makers and visionaries in the global economy.<\/p><\/blockquote>\n Which does not sound\u00a0entirely\u00a0like philanthropy to me. \u00a0For a bank. \u00a0And I wonder what the key elements of the broad world view that they ‘give participants’ really entails. \u00a0A sustainable economy? \u00a0One where wealth is measured in terms other than cash? Perhaps….Or maybe the core expertise in\u00a0this\u00a0piece called the Great American Bubble Machine<\/a>?<\/p>\n There seems no real understanding that what we may actually have in Goldman Sachs is more of a ‘bedfellow’ than an ‘ally’. \u00a0 It is\u00a0this\u00a0apparent lack of any sense of practical and pragmatic engagement that worries me.<\/p>\n But there are 25 or so successful businesses who are\u00a0benefiting\u00a0from the programme, and I have heard lots of good feedback from several\u00a0independent\u00a0sources. \u00a0And it is keeping much needed revenues rolling into the coffers at Shine so that it can continue its work in the\u00a0regeneration\u00a0of the\u00a0local\u00a0community.<\/p>\n So perhaps we really shouldn’t worry about whose money we take?<\/p>\n Perhaps it really is ‘All about the economy, stupid’. \u00a0And we should not think too deeply about what is really going on. \u00a0Just let those who already share the ‘broad\u00a0world view’ of ‘decision makers and visionaries in the global economy’ get on with it. After all, they have made a pretty good fist of things up to now…<\/p>\n Haven’t they?<\/p>\n [youtube=http:\/\/www.youtube.com\/watch?v=X2DRm5ES-uA]<\/p>\n There are things\u00a0about the programme that I really admire. \u00a0Let’s forget the chequered\u00a0history that even investment\u00a0bankers\u00a0have\u00a0in ‘picking winners’. \u00a0The programme is aimed at ‘mid-stage’ businesses with the\u00a0aspiration\u00a0and potential to grow, and this has been an area that has not\u00a0received\u00a0as much attention as it should. \u00a0And it resists the\u00a0false\u00a0dichotomy between social business and ‘for profit’ which should make for a much more interesting and powerful mix.<\/p>\n And the programme is a pilot that they hope to roll out across the UK. \u00a0So perhaps Goldman Sachs really will be instrumental in developing the next generation of business leaders across the country.<\/p>\n