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The criminals at Goldman Sachs
The bank is known as the Giant Vampire Squid of capitalism for the way it sucks money out of the system. Now one of their former south-east Asia chairmen, Tim Leissner, is admitting criminal conduct, says SOLOMON HUGHES
TIP OF THE ICEBERG: Former Malaysian prime minister Najib Razak, centre, leaves Kuala Lumpur High Court on December 12
[Quantumquark/Creative Commons]
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THE US Department of Justice revealed in November that a senior employee of Goldman Sachs bank was pleading guilty to “conspiring to launder money and conspiring to violate the Foreign Corrupt Practices Act” by “paying bribes.”
The Goldman Sachs banker, their former south-east Asia chairman Tim Leissner, said in his plea that “I conspired with other employees and agents of Goldman Sachs very much in line [with the] culture of Goldman Sachs to conceal facts from certain compliance and legal employees of Goldman Sachs.”
It’s a big deal on two levels. First, it’s a big deal financially. Leissner is pleading guilty to bribery and corruption related to Goldman Sachs winning work that made the bank around £474 million in fees. The US prosecutors say Leissner has been personally ordered to hand over £35m “as a result of his crimes.”
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