Ex-Goldman Sachs banker tied to 1MDB scandal blames bank's 'culture' in guilty plea
Source: CNN
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New York (CNN Business) An ex-Goldman Sachs banker who pleaded guilty to conspiring to steal money from Malaysia's state investment fund said Goldman's "culture" encouraged executives to work around the legal team to score business.
It was "very much in line of its culture of Goldman Sachs to conceal facts from certain compliance and legal employees," said Tim Leissner, Goldman's former Southeast Asia chairman, in his guilty plea from August, which was unsealed in federal court in Brooklyn Friday.
Leissner admitted that he hid from Goldman the fact that Malaysian financier Jho Low secured business for the bank by bribing officials in Malaysia and Abu Dhabi. The US government alleges Low played a central role in a scheme to launder billions of dollars from the Malaysian sovereign wealth fund, 1Malaysia Development Berhad.
Last week, the US Justice Department announced charges against Leissner, Low and Roger Ng, another former Goldman banker. The agency said that Leissner would forfeit $43.7 million.
Read more: https://amp.cnn.com/cnn/2018/11/09/business/lloyd-blankfein-goldman-sachs-1mdb/index.html
This is not the 1st time a Goldman Sachs insider has accused the "culture" at Sachs, of bring of bad faith.
And, I personally, can testify to facts of Goldman Sachs personnel illegal mindset.
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laserhaas
(7,805 posts)They destroyed our eToys.com by stock swindler and then ripped us off a second time with bankruptcy fraud and a 3rd time in New York Supreme CT.
But the case keeps escaping investigation and prosecution because a United States Attorney was partners with the law firm, involved.
There's no question of guilt - only one of accountability
https://mobile.nytimes.com/2013/03/10/opinion/sunday/nocera-rigging-the-ipo-game.html
turbinetree
(24,720 posts)The Great American Bubble Machine
From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression and theyre about to do it again
By MATT TAIBBI
The first thing you need to know about Goldman Sachs is that its everywhere. The worlds most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Whos Who of Goldman Sachs graduates.
By now, most of us know the major players. As George Bushs last Treasury secretary, former Goldman CEO Henry Paulson was the architect of the bailout, a suspiciously self-serving plan to funnel trillions of Your Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill Clintons former Treasury secretary, spent 26 years at Goldman before becoming chairman of Citigroup which in turn got a $300 billion taxpayer bailout from Paulson. Theres John Thain, the asshole chief of Merrill Lynch who bought an $87,000 area rug for his office as his company was imploding; a former Goldman banker, Thain enjoyed a multi-billion-dollar handout from Paulson, who used billions in taxpayer funds to help Bank of America rescue Thains sorry company. And Robert Steel, the former Goldmanite head of Wachovia, scored himself and his fellow executives $225 million in golden-parachute payments as his bank was self-destructing. Theres Joshua Bolten, Bushs chief of staff during the bailout, and Mark Patterson, the current Treasury chief of staff, who was a Goldman lobbyist just a year ago, and Ed Liddy, the former Goldman director whom Paulson put in charge of bailed-out insurance giant AIG, which forked over $13 billion to Goldman after Liddy came on board. The heads of the Canadian and Italian national banks are Goldman alums, as is the head of the World Bank, the head of the New York Stock Exchange, the last two heads of the Federal Reserve Bank of New York which, incidentally, is now in charge of overseeing Goldman not to mention
But then, any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.
https://www.rollingstone.com/politics/politics-news/the-great-american-bubble-machine-195229/
laserhaas
(7,805 posts)Taibbi has much more dirt, on Goldman Sachs, now
But he ain't sayin.....
erronis
(15,328 posts)I miss his incisive/inciteful reporting from the pre-2016 "election".
laserhaas
(7,805 posts)Is that I gave him the "Greed and Debt" story (have email proof); because I'm the whistleblower in those cases (docket proof); and "Greed and Debt" launched him, as his biggest story, ever.
He then went away from Rolling Stone to form a new magazine; which failed (miserably).
Upon return to Rolling Stone, they castrated him.
(Married with kids, he has to survive)
Don't get me wrong,, I'm not against him, as he is the best we got; but I'm pissed that he won't work with me, to get "Greed and Debt 2" - out there.
If he didnt have his head up his ads, we could nail Mitt!
erronis
(15,328 posts)And, yes, I think Matt is exceptional but it's hard to shake a taint.
laserhaas
(7,805 posts)Editors and owners are the ones who control.
Who they are beholden to, we may never know
Achilleaze
(15,543 posts)As we see expressed so degenerately by Dirty Donny, himself, the republican family-values role model, and dangerously deceitful Draft-Dodger-in-Chief.
laserhaas
(7,805 posts)Birds of a feather, must stick - Obstructively - together
JudyM
(29,274 posts)laserhaas
(7,805 posts)elmac
(4,642 posts)<a href="http://tinypic.com?ref=6j39xi" target="_blank"><img src="" border="0" alt="Image and video hosting by TinyPic"></a>
karynnj
(59,504 posts)He is still quilty for anything he did. In fact, he is condemning the company he worked for.
laserhaas
(7,805 posts)If Romney is able to "Retroactively" retire from organized crimes; why can't a GSachs guy say - "the boss made me"?
laserhaas
(7,805 posts)Marcuse
(7,506 posts)But Senator, youve made millions of dollars buying, dismembering and selling off corporations. Its been illegal to do that to people for 150 years.
laserhaas
(7,805 posts)If we ever are able to get into a courtroom, Romney and Sachs gangs would lose (claw back) billions.
Toby719
(12 posts)My husband dead. My life savings gone. I'm in the hospital. My.mom is in and out of the hospital. My house and life savings gone. But frigging Mitt Romney is a Senator.
Laser is broke, but he helps me when I'm stuck.
Romney needs to be behind frigging bars.
laserhaas
(7,805 posts)And he evaded claw backs by putting his lawyer inside the Department of Justice.
It sucks they keep getting away with this stuff.