A rebuke for those green-eyed commentators focusing on the imminent windfall for Goldman Sach's 190 partners on foot of the decision to press ahead with an initial public offering later this year.

The co-chief executives and chairmen of the partnership said they were appalled by the attention on the huge pay-outs partners are likely to receive. Jon Corzine and Henry Paulson condemned as "wrong, speculative and just plain inaccurate" stories about the size of the stakes partners will get in the firm: an average of £71 million sterling each.

They told the Financial Times: "There will be no one cashing out. This decision has not been taken on the basis of individuals' finances, it was made for strategic reasons."