Goldman to pay $3 billion, claw back executive pay over role in 1MDB corruption scandal

FILE PHOTO: The Goldman Sachs company logo is seen in on the floor the New York Stock Exchange in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo

“Getting this overhang off the back of management and the company in general is a very big win,” said Marty Mosby, an analyst at boutique brokerage Vining Sparks. Brian Rabbitt, acting head of the Justice Department’s criminal division, said the penalty was the largest ever levied for a breach of the Foreign Corrupt Practices Act and that the settlement reflected the “seriousness” of the bank’s role “in a massive global scheme to loot billions of dollars” from 1MDB.

In 2018, the Justice Department filed criminal charges against two of the former Goldman bankers, Tim Leissner and Roger Ng. Leissner pleaded guilty to the charges last year, while Ng’s case is pending in a New York court. He and other senior executives would also have their compensation for 2020 reduced, bringing the total of clawbacks and pay reductions to $174 million.

“Every person that participated in the decisions to proceed with these offerings needs their bonuses recaptured by the company. It is very positive to hear that Goldman may actually do this,” he added.

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I always feel compelled to ask, where from or who actually owns the $3B used to pay this fine 🤔... yep, this crazy game of Monopoly confounds me...

And is anyone going to jail? I’m too fucking jaded to open the article.

American greed!

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