BANZAI7 NEWS--Morgan Stanley and Goldman Squid, used to duking it out in the financial markets, are now vying in the area of charity.
Goldman last week said it had donated $200 million to the Goldman Squid Foundation, its charitable arm, in what was widely seen as an effort to help quell public outrage over its growing bonus pool.
Morgan Stanley, traditionally Goldman's closest Wall Street rival, on Monday unveiled its latest charity initiative -- one aimed at feeding hungry children around the world.
"Let us throw the most favorable light on the situation. As it is easy to be generous with other people's money...[a Wall Street banker's ill gotten fortune], may sometimes constitute a gift, which one of these great capitalists turns over, with loud report, to a University or theological seminary, or to some other charity. He hands it over as a sort of conscience fund, to give him a fresh start in more Wall Street enterprise of the same kind, and the world looks on and says: "This is indeed true charity, God bless the philanthropist!"
Perhaps that very night, while an old lady was sobbing by her little cot, the fortune which she and her husband had toiled so long and hard to earn, flashed in the tiara of diamonds from the head of a rich banker's wife at the opening of the Metropolitan Grand Opera--diamonds, wondrously beautiful, dazzlingly brilliant, crystalized human tears. If you could go around that row of parterre boxes and write the history of all those pearls and all those rubies and all those diamonds, it would compose a tragedy that would make your heart bleed.
What an enchanting scene is the opening night of the Metropolitan Grand Opera!"
Franklyn C. Keyes, Esq. 1902
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