"Goldman Sachs in Hot Water Over Stock Collapse, Pushing paper is very lucrative. Goldman Sachs (NYSE:GS) is getting some heat for allegedly helping embezzle $6.5B in bond sales for a Malaysian sovereign wealth fund, half of which went to buying jewelry and fine art, which is what the Malaysian people really want and need, maybe. Goldman’s former head of Southeast Asia pleaded guilty to being involved in the scheme, and Goldman still got away with its $600M in fees at about 10% of the offering total. Defending the deal, Goldman CEO David Solomon said, “The 1MDB bond offerings were generally meant to raise money for an entity intended to acquire and develop power assets to support the Malaysian economy. Instead, a huge portion of these funds was diverted. We are and have always been committed to assisting government agencies in bringing to justice the people responsible for these crimes.” Investors aren’t buying it, literally. Goldman has had its sharpest decline in terms of market cap per unit of time, since July-November 2008." any new news? is there are other negative news forthcoming? what?
More about the 1MDB saga, and GS's involvement, is here: https://www.elitetrader.com/et/thre...-and-the-wildest-party-vegas-ever-saw.325048/