If you work for Goldman Sachs the rules are a little different. Normally crimes mean imprisonment. In Goldman's case it means negotiating a deal when you have been caught.
The release of the book Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World is now doing the rounds in a pirated format, although I do not advocate piracy.
The new book is one of many which will surely be written about one of the world's largest scandals and sheds some new and interesting light on how the money was stolen from the people of Malaysia. The picture of who was responsible for this crime is becoming clearer - what will be done to them remains to be seen!
Tim Leissner - Named & Shamed!
I have previously written a post Naming & Shaming Tim Leissner before, however his involvement in this deal bares repeating quickly.
At the time this fraud began Tim was the head of Goldman Sachs in Asia and living the high life. He liked people to think he had a doctorate and loved to be called Dr. Tim - as if he were sucha a cool guy. It turned out later that he had purchased his degree from a degree mill.
There is no point going to University kids, if the head of Goldman Sachs buys his degree from a degree mill, you can too!
Tim then went on to facilitate the raising of billions of dollars through bonds and Goldman for the "Government of Malaysia". This in turn became an elaborate scam where billions of dollars were stolen from the poor children of Malaysia. At the time Goldman was criticized for charging exorbitant fees far above market rates. Their response was the pretense these incredible fees were justified because of the speed at which the deal was completed.
We are left with the possibility that Goldman knew about the crimes that were taking place and charged more to their clients for turning a blind eye to these criminal proceedings. After the scandal finally broke Tim was allowed to quietly leave Goldman taking with him a huge amount of cash from the dodgy deals and the kind of golden handshake associated with Goldman.
Goldman's Boss Gary Cohn & Top Trump Advisor Supported The Deal!
Gary Cohn rose to become Goldman's President and Co-Chief Operating Officer. He later went on to become Director of the National Economic Council in president Trump's administration. These are lofty positions indeed and Gary is clearly worth hundreds of millions of dollars.
The new book alleges that Cohn was a proponent of the 1MDB scam which gave cover for people involved in the dealings like Tim. It is also alleged that Goldman executives which expressed skepticism over the deal were sidelined. Further damming allegations allege that Goldman’s own internal fraud identification committees did not complete their mandatory due diligence on these obviously criminal deals.
Again we see that some of the biggest thefts lead right to the top of the largest banks and the heads of the biggest governments! These are the psychopaths who kill millions upon millions in their phony wars! When are we going to get rid of these thieves and murders - they have been caught out in this instance! Let's do something about this - make an example of them!
We should use these legal opportunities to prosecute and jail these criminals, however the ludicrous concept of too big to fail seems to extent to *- to big to jail! *
Oh No I've Bee Caught Out! Time To Cut A Deal!
A report has surfaced from the US about Tim currently trying to cut a deal with the US prosecutors of the case. The Wall Street Journal reported that Tim is considering potentially pleading guilty to criminal charges stemming from an alleged scheme to steal billions of dollars from the Malaysian children through 1MDB.
Let us see what happens... In theory he should go to prison for a long time! However, normally in these cases they only send top bankers to jail if there is no other way around it. Mostly they are able to slip off and get pardons such as Marc Rich, or in the worst event do limited jail time in the most luxurious manner possible like Jeffrey Epstein.
The fact that Tim is discussing a plea deal is telling. What will be infuriating is if he is allowed to avoid a prison cell and is allowed to keep some of his ill gotten gains!
Let us never forget that all this money was stollen from the mouths of poor Malaysian children - but perhaps being brown they don't matter so much!
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