Bank Had Deeper Involvement In Billion Dollar Scam Than Previously Revealed

The looting of a multi-billion dollar Malaysian government investment fund involved more Goldman Sachs employees than have thus far been revealed as a result of the Foreign Corrupt Practices Act probe into the matter. According to a recently unsealed court document, Goldman banker Tim Leissner told a judge that, “other employees and agents of Goldman Sachs” were party to the conspiracy to hide the bribes and kickbacks being paid to keep compliance and legal department officers in the dark. When Leissner pleaded guilty last August he said that hiding his actions from Goldman Sach’s compliance department was “very much in line” with the wider culture of the firm. More than $2.7 billion was stolen from the fund, with the complicity of former Malaysian prime minister Najib Razak, whom Malaysian authorities charged with corruption in July. Goldman made over $600 million in fees on the three bond deals that were part of the scheme.