There is a glaring conflict of interest as others have pointed out; it cannot be ignored. Through strategic acquisitons such as Doubleclick, Google and its subsidiaries are the largest warehouse of advertising on the www. The company is the machine that keeps web advertising humming along.
Google wants to keep everyone happy. Users are fed up with advertising. For example, Google could offer a search engine free of any ads, as they did in the early days.FN1 They have more than enough cash to do it. This would make users very happy. Google could try to support itself by selling something, besides advertising. But this will not happen. Why? (Rhetorical question. Not asking for an answer. We all know what it is.)
By creating a web-advertising juggernaut and collecting the maximum allowable quantity information about users through every means legally possible, (far beyond merely search engine usage) Google has taken a position against users (the ones who dislike ads) as well as for them (as argued in myriad PR pieces).
Google is not curbing it own actions (as the #1 promoter of advertising on the www), instead it is taking aim at advertisers. Some of those could be existing or potential clients (which might seem intriguing).
But while its clients (be they advertisers, users or others) may experience "losses", like Goldman (or not; sorry, bad analogy!), Google always "wins".
Any PR piece proclaiming that Google is taking sides with users (for a "better web") ignores that they also have taken sides with advertisers. Google has big bets on advertising. As everyone knows, users do not contribute significant inputs to the Google balance sheet; advertisers do.
FN1 At that time one of the Google founders called out advertising as being something to avoid. Interestingly, there was no "disruptive" vs "non-disruptive" advertising distinction.