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Sat Nov 10, 2018, 07:13 AM

 

Ex-Goldman Sachs banker tied to 1MDB scandal blames bank's 'culture' in guilty plea

Source: CNN



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New York (CNN Business) An ex-Goldman Sachs banker who pleaded guilty to conspiring to steal money from Malaysia's state investment fund said Goldman's "culture" encouraged executives to work around the legal team to score business.

It was "very much in line of its culture of Goldman Sachs to conceal facts from certain compliance and legal employees," said Tim Leissner, Goldman's former Southeast Asia chairman, in his guilty plea from August, which was unsealed in federal court in Brooklyn Friday.

Leissner admitted that he hid from Goldman the fact that Malaysian financier Jho Low secured business for the bank by bribing officials in Malaysia and Abu Dhabi. The US government alleges Low played a central role in a scheme to launder billions of dollars from the Malaysian sovereign wealth fund, 1Malaysia Development Berhad.

Last week, the US Justice Department announced charges against Leissner, Low and Roger Ng, another former Goldman banker. The agency said that Leissner would forfeit $43.7 million.

Read more: https://amp.cnn.com/cnn/2018/11/09/business/lloyd-blankfein-goldman-sachs-1mdb/index.html



This is not the 1st time a Goldman Sachs insider has accused the "culture" at Sachs, of bring of bad faith.

And, I personally, can testify to facts of Goldman Sachs personnel illegal mindset.



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Reply Ex-Goldman Sachs banker tied to 1MDB scandal blames bank's 'culture' in guilty plea (Original post)
laserhaas Nov 2018 OP
laserhaas Nov 2018 #1
turbinetree Nov 2018 #2
laserhaas Nov 2018 #3
erronis Nov 2018 #8
laserhaas Nov 2018 #10
erronis Nov 2018 #12
laserhaas Nov 2018 #13
Achilleaze Nov 2018 #4
laserhaas Nov 2018 #5
JudyM Nov 2018 #6
laserhaas Nov 2018 #17
elmac Nov 2018 #7
karynnj Nov 2018 #9
laserhaas Nov 2018 #11
laserhaas Nov 2018 #14
Marcuse Nov 2018 #15
laserhaas Nov 2018 #16
Toby719 Nov 2018 #18
laserhaas Nov 2018 #19
laserhaas Nov 2018 #20
laserhaas Nov 2018 #21
Toby719 Nov 2018 #22

Response to laserhaas (Original post)

Sat Nov 10, 2018, 07:56 AM

1. Ripping off their clients - is the culture - at Goldman Sachs

 

They destroyed our eToys.com by stock swindler and then ripped us off a second time with bankruptcy fraud and a 3rd time in New York Supreme CT.

But the case keeps escaping investigation and prosecution because a United States Attorney was partners with the law firm, involved.

There's no question of guilt - only one of accountability

https://mobile.nytimes.com/2013/03/10/opinion/sunday/nocera-rigging-the-ipo-game.html

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Response to laserhaas (Original post)

Sat Nov 10, 2018, 08:29 AM

2. I think Matt Taibbi pretty much nailed this global bloodsucker

The Great American Bubble Machine
From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they’re about to do it again

By MATT TAIBBI

The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates.

By now, most of us know the major players. As George Bush’s last Treasury secretary, former Goldman CEO Henry Paulson was the architect of the bailout, a suspiciously self-serving plan to funnel trillions of Your Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill Clinton’s former Treasury secretary, spent 26 years at Goldman before becoming chairman of Citigroup — which in turn got a $300 billion taxpayer bailout from Paulson. There’s John Thain, the asshole chief of Merrill Lynch who bought an $87,000 area rug for his office as his company was imploding; a former Goldman banker, Thain enjoyed a multi-billion-dollar handout from Paulson, who used billions in taxpayer funds to help Bank of America rescue Thain’s sorry company. And Robert Steel, the former Goldmanite head of Wachovia, scored himself and his fellow executives $225 million in golden-parachute payments as his bank was self-destructing. There’s Joshua Bolten, Bush’s chief of staff during the bailout, and Mark Patterson, the current Treasury chief of staff, who was a Goldman lobbyist just a year ago, and Ed Liddy, the former Goldman director whom Paulson put in charge of bailed-out insurance giant AIG, which forked over $13 billion to Goldman after Liddy came on board. The heads of the Canadian and Italian national banks are Goldman alums, as is the head of the World Bank, the head of the New York Stock Exchange, the last two heads of the Federal Reserve Bank of New York — which, incidentally, is now in charge of overseeing Goldman — not to mention …

But then, any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.


https://www.rollingstone.com/politics/politics-news/the-great-american-bubble-machine-195229/



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Response to turbinetree (Reply #2)

Sat Nov 10, 2018, 08:38 AM

3. That was 2010

 

Taibbi has much more dirt, on Goldman Sachs, now

But he ain't sayin.....

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Response to laserhaas (Reply #3)

Sat Nov 10, 2018, 01:26 PM

8. I was wondering what has happened to Matt - maybe he isn't in my circles anymore

I miss his incisive/inciteful reporting from the pre-2016 "election".

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Response to erronis (Reply #8)

Sat Nov 10, 2018, 03:26 PM

10. What happened is (which he will never admit)

 

Is that I gave him the "Greed and Debt" story (have email proof); because I'm the whistleblower in those cases (docket proof); and "Greed and Debt" launched him, as his biggest story, ever.

He then went away from Rolling Stone to form a new magazine; which failed (miserably).

Upon return to Rolling Stone, they castrated him.
(Married with kids, he has to survive)

Don't get me wrong,, I'm not against him, as he is the best we got; but I'm pissed that he won't work with me, to get "Greed and Debt 2" - out there.

If he didnt have his head up his ads, we could nail Mitt!

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Response to laserhaas (Reply #10)

Sat Nov 10, 2018, 03:31 PM

12. Wow! I had read about some strange events, but this is pretty important.

And, yes, I think Matt is exceptional but it's hard to shake a taint.

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Response to erronis (Reply #12)

Sat Nov 10, 2018, 03:51 PM

13. Unfortunately, reporters don't control the presses

 

Editors and owners are the ones who control.

Who they are beholden to, we may never know

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Response to laserhaas (Original post)

Sat Nov 10, 2018, 09:22 AM

4. The bank's "culture" is also known as "republican family values"

As we see expressed so degenerately by Dirty Donny, himself, the republican family-values role model, and dangerously deceitful Draft-Dodger-in-Chief.

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Response to Achilleaze (Reply #4)

Sat Nov 10, 2018, 10:11 AM

5. That's why he picked a wicked guy for USAG - Drained the swamp

 

Birds of a feather, must stick - Obstructively - together

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Response to Achilleaze (Reply #4)

Sat Nov 10, 2018, 10:54 AM

6. Crazy true. And they paint themselves as being morally superior.

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Response to JudyM (Reply #6)

Sat Nov 10, 2018, 08:40 PM

17. As do must Machiavellians

 

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Response to laserhaas (Original post)

Sat Nov 10, 2018, 11:55 AM

7. oh boy

 

<a href="http://tinypic.com?ref=6j39xi" target="_blank"><img src="" border="0" alt="Image and video hosting by TinyPic"></a>

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Response to laserhaas (Original post)

Sat Nov 10, 2018, 01:53 PM

9. If the "culture" of his organization could be a legal defense, how was any MAFIA person convicted?

He is still quilty for anything he did. In fact, he is condemning the company he worked for.

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Response to karynnj (Reply #9)

Sat Nov 10, 2018, 03:28 PM

11. Um...are you forgetting "retroactive" Mitt?

 

If Romney is able to "Retroactively" retire from organized crimes; why can't a GSachs guy say - "the boss made me"?

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Response to karynnj (Reply #9)

Sat Nov 10, 2018, 03:56 PM

14. Here's the LINK to Toys R Us - Killed by Retroactive Romney

 

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Response to laserhaas (Reply #14)

Sat Nov 10, 2018, 07:51 PM

15. Robert Mueller must hear that "culture" defense a lot.




But Senator, you’ve made millions of dollars buying, dismembering and selling off corporations. It’s been illegal to do that to people for 150 years.

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Response to Marcuse (Reply #15)

Sat Nov 10, 2018, 08:23 PM

16. Especially when you do so, fraudulently.

 

If we ever are able to get into a courtroom, Romney and Sachs gangs would lose (claw back) billions.

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Response to laserhaas (Original post)

Sat Nov 10, 2018, 10:12 PM

18. This people need to go to frigging jail.

My husband dead. My life savings gone. I'm in the hospital. My.mom is in and out of the hospital. My house and life savings gone. But frigging Mitt Romney is a Senator.

Laser is broke, but he helps me when I'm stuck.

Romney needs to be behind frigging bars.

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Response to Toby719 (Reply #18)

Sat Nov 10, 2018, 10:35 PM

19. We are all stuck; because Romney stole our company

 

And he evaded claw backs by putting his lawyer inside the Department of Justice.

It sucks they keep getting away with this stuff.

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Response to laserhaas (Original post)

Sun Nov 11, 2018, 02:31 AM

20. Did Blankfein know?

 

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Response to laserhaas (Original post)

Sun Nov 11, 2018, 02:40 AM

21. WSJ Video of details

 

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