[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/images/06/22/art.goldman.jpg caption="Goldman Sachs announced last week that it will set aside $500 million for 10,000 Small Businesses. "]
Special to CNN
Goldman Sachs, the most profitable firm on Wall Street, announced last week that it will set aside $500 million for "10,000 Small Businesses," a charity co-sponsored by famed investor Warren Buffett and devoted to helping small American businesses survive the economic crisis.
While Goldman may see this as a generous move, its charity is an offense to struggling entrepreneurs and a symbol of failed government policy.
The $500 million allocated to fund the initiative is a small share of the massive profits Goldman has earned on the back of huge government subsidies it has received since the onset of the financial crisis.
When the financial system collapsed in fall 2008, the federal government supported "too big to fail" firms like Goldman Sachs with generous lending conditions, government guarantees, and outright subsidies.
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