Wednesday, September 12, 2018

"How Goldman Sachs facilitated the heist of the century"

Axios:

"Billion Dollar Whale," the gripping new book from the WSJ's Bradley Hope and Tom Wright, details the way that Jho Low, grifter and social climber extraordinaire, managed to steal billions of dollars from the people of Malaysia.

Why it matters: He couldn't have done it alone. Foremost among the names listed: Goldman Sachs. The bank, currently under investigation by federal prosecutors, is featured on no fewer than 87 of the book's 379 pages.

The bank facilitated the 1MDB fraud, earning almost $600 million in fees on 3 bond deals from the deeply corrupt Malaysian fund. That's about 200 times more than the normal amount a sovereign issuer would pay. Each time, as soon as Goldman provided the money to 1MDB, Low would steal it.