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Old 12-19-2018, 12:15 AM   #1
reynolds
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Default Goldman Sachs Loot Billions Of State Funds, Blames Government

Goldman Sachs faces criminal charges in Malaysia for helping billions vanish from state fund

18 Dec, 2018
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Malaysia filed criminal charges against Goldman Sachs and two ex-bankers over the multi-billion dollar looting of state fund ...

Were there's a will, there's a way. I could see millions disappear into the books, but billions? And Goldman Sachs like it's colleague, Lehman Brothers have a convenient scapegoat - the government. We may recall that it was Lehman Brothers which caused the 2008 crash, which saw stock markets world wide to collapse.

The subsidiaries of the Wall Street banking giant and its former key employees, ex-chairman of Goldman’s South East Asia, are accused of giving false statements when helping to arrange bonds for 1MDB, Malaysia’s Attorney General Tommy Thomas announced on Monday.

Malaysia says the accused wanted to misappropriate $2.7 billion from $6.5 billion in bonds, issued by 1MDB and underwritten by Goldman Sachs, in three separate offerings between 2012 and 2013.

The prosecution believes the duo conspired with Leissner and Ng to bribe officials in order to procure the selection, involvement and participation of Goldman Sachs in these bond issuances. Now Kuala Lumpur is seeking to take back the misappropriated $2.7 billion from Goldman Sachs as well as $600 million in fees received by the bank.

The prosecution is demanding fines and up to 10 years behind bars for each of the accused. The fines may amount to at least 1 million ringgit ($240,000), according to the charge sheets, seen by Reuters.

Billions of dollars from the Malaysian fund were reportedly used to buy everything from Beverly hills mansions, yachts and a private jet to artworks among other things...

As Malaysia brought the charges, the bank hit back, claiming that it was the victim of deceptive Malaysian officials. The long-running scandal has already rocked the bank’s shares this year, which dropped more than 30 percent. Read more ...


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