1MDB scandal prompts Goldman to delay bonus for longtime CEO Blankfein

Goldman Sachs is delaying bonus payouts to three retired executives, including longtime chairman Lloyd Blankfein, until it gathers more details from a bribery case brought against two high-ranking bankers under his watch, according to regulatory filings and a person familiar with the matter. The New York-based company's board also delayed a decision on the size of the bonuses, part of an incentive plan set up in 2011 with potential awards of $7 million each, according to a Friday filing with the Securities and Exchange Commission. Goldman warned last fall that it may face significant fines and other sanctions in the case, which centers on claims that money from a Malaysian client's bond sale was used for bribes to secure overseas business.

The Wall Street firm said in a filing last fall that it "is cooperating with the Department of Justice and all other government and regulatory investigations related to 1 Malaysia Development Berhad," a sovereign wealth fund known as 1MDB, for which Goldman underwrote about $6.5 billion in debt offerings in 2012 and 2013. The 64-year-old Blankfein, who stepped down as CEO at the end of September but remained chairman through the end of 2018, still received $20.5 million in total compensation for the year, the firm said its filing. David Solomon, who succeeded him in both roles, was paid $23 million. "We are cooperating with the Department of Justice and other regulators and are focused on a timely but deliberative process," Solomon told investors on an earnings call in mid-January. "We have established important facts in our own review of this matter over the last three years, and we, of course, would like to provide more information to you but for now, this is still an open investigation."

Goldman previously made national headlines and drew congressional scrutiny nine years ago over the sale of securities blamed for the 2008 financial crisis. It paid $550 million to settle SEC claims that it misled investors in one of the instruments.

https://www.washingtonexaminer.com/business/1mdb-scandal-prompts-goldman-to-delay-bonus-for-longtime-ceo-blankfein

https://www.justice.gov/opa/pr/malaysian-financier-low-taek-jho-also-known-jho-low-and-former-banker-ng-chong-hwa-also-known

https://www.justice.gov/opa/press-release/file/1106931/download

Justice Alito blocks Louisiana abortion law, citing need for more time

Supreme Court Justice Samuel Alito has temporarily blocked abortion restrictions in Louisiana from going into effect, pushing off the question for another week as to whether the high court will soon be forced to weigh in on the issue. Alito stayed the law until Feb. 7, saying that filings were only completed on Friday and that justices needed more time to review them.

"This order does not reflect any view regarding the merits of the petition for a writ of certiorari that applicants represent they will file," Alito said. The justice has jurisdiction over the 5th Circuit, and can therefore act alone on the case, but may refer it to the full court to make a final determination.

The Louisiana law requires doctors who provide abortions to have admitting privileges at a local hospital in case anything goes wrong during an abortion. The Supreme Court in 2016 struck down similar laws in Texas in Whole Woman's Health v. Hellerstedt, but the 5th Circuit upheld Louisiana's law.

https://www.washingtonexaminer.com/policy/healthcare/alito-blocks-louisiana-abortion-law-citing-need-for-more-time

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