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Goldman Sachs

On 22 October 2020, following the settlement with prosecutors and regulators in the USA, the UK, Hong Kong and Singapore, David M. Solomon, Chairman and CEO of Goldman Sachs, wrote a memorandum to all employees.

It is published below, in its entirety, unedited.

BIScom Subsection: 

It's not enough but it's a start. And it's too little, too late. The USA's Federal Reserve Board no doubt hopes that by taking a strong line against two individuals that it can diminish the damage done to Goldman Sachs over its participation in the Malaysian financial case relating to 1MDB. And the fact that it's taken so long for the Fed to act doesn't cast the regulator in an especially good light, either.

BIScom Subsection: 

Malaysia is being ever so nice to US headquartered bank Goldman Sachs which, through its Singapore Office, it is now known from the evidence given by one of its former staff, Tim Leissner, to have assisted in the theft and laundering of part of the now infamous 1MDB fund.

The bank, which is now seeking to take on new staff in the relevant department in Singapore, has been asked to give back the estimated USD600 million in fees it took for its assistance. Iit's at least arguable that Malaysia doesn't have to ask nicely: it could just take the money. GS doesn't want to pay out in every direction: it's already accepted the probability of "significant fines" in the US as a result of an investigation there.

Here's a step-by-step guide to getting the money back without the bank's co-operation.

hahagotcha