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TheStreet Open House

Professor Buffett Tutors Goldman

NEW YORK ( TheStreet) -- Lloyd Blankfein and his firm appear to have taken to heart his controversial statement that Goldman Sachs (GS - Get Report) is doing God's work.

In what appears to be a sign of atonement for past sins, Goldman has enlisted the help of Warren Buffett to help prove to the American people that it deserved the billions in bailout money that kept it afloat during their darkest days. It hopes to achieve this goal through a philanthropic effort aimed at assisting small businesses.

While this was a surprise move from Goldman, Warren Buffett watchers know that the financier is no stranger to philanthropy. His own charitable organization, the Susan Thompson Buffett Foundation, which assists college bound students across Nebraska, has raised billions in assets.

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The investor's most famous charitable act occurred more than three years ago when he announced he would donate 83% of his fortune to the Bill and Melinda Gates Foundation. Additionally, Buffett has auctioned off cars and lunches in an effort to raise money for different organizations.

On the surface this latest plan appears virtuous. However, not ones to miss out on a profit, it is likely that the new initiative will bag both Goldman Sachs and Professor Buffett a nice profit.

This is not the first time that Buffett has come to the aid of Goldman Sachs. Last year, in the midst of the financial meltdown that claimed big names like Bear Stearns and Lehman and left others like JP Morgan (JPM - Get Report) and Bank of America (BAC - Get Report) gasping for air, Goldman desperately turned to the Oracle for relief.

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