Goldman Sachs, which was a conspirator in the Malaysian 1MDB scandal, will scate with a payment of a $2½ billion dollars.
As a part of this deal, the people at Goldman Sachs who personally aided, and personally profited from, the theft of billions of Malaysian state resources, will be getting get out of jail free cards.
This is disgusting:
Only Goldman Sachs. Last week, after months of public sparring and days of tough in-person negotiations, the Wall Street bank finally reached a deal with Malaysia over allegations that it had helped a former prime minister loot billions of dollars from the state investment fund, 1MDB.
Goldman will fork out $2.5bn, instead of the $7.5bn the finance minster had originally demanded, and the Malaysian government agreed to drop criminal charges against the bank and cease legal proceedings against 17 current and former Goldman directors.
Evercore’s Glenn Schorr argues that “the only thing that matters is, will this prevent Goldman from doing business in the way they need to do business? I believe it won’t.” If history — and the Malaysian result — is any guide, Mr Schorr is on to something.
Mr. Schorr means that he hopes that GS will continue business as usual.
What is left unspoken is that business as usual for the, “Great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money,” is corruption, looting, and fraud.