Goldman Sachs is implicated in history’s largest financial con – but will it be held accountable?
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Goldman Sachs is implicated in history’s largest financial con – but will it be held accountable? | The Independent...
Even if it is unproven that top Goldman executives knew what was going on, what does it say about the culture of the bank that individuals like Tim Leissner were employed there? Who is accountable for that culture? Click to follow
The Independent Voices
Tim Leissner (right), the senior Goldman banker on the ground in Malaysia pleaded guilty in New York to financial crimes related to 1MDB last week ( Getty ) Even by Wall Street standards of gouging customers this was one hell of a skim. In 2012 and 2013, the Malaysian government was raising $6.5bn (£5bn) from investors to establish a sovereign wealth fund and finance various domestic infrastructure investment projects. And the cut for Goldman Sachs – the most prestigious investment bank in the world – for arranging the fundraising from the global capital markets? Ten per cent, or $600m. Now we can have a guess as to why the Malaysian authorities were so insouciant about those extortionate fundraising costs: because they themselves were, apparently, going to loot the pot in one of the biggest frauds in history. left