tyb
DOJ Said To Weigh Low-ball 1MDB Settlement-Goldman Shares Jump
Anyone who feared Goldman might suffer a massive fine or, worse, criminal penalties (possibly involving current and former senior executives such as Hillary Clinton's very close friend, Lloyd Blankfein) can breathe a sigh of relief. Goldman shares jumped 2.5% Friday morning after Bloomberg reported that the DoJ is seeking a settlement of between $1.5 billion and $2 billion for Goldman's involvement in the 1MDB affair.That substantially less than most analysts had anticipated. Earlier this year, senior Malaysian officials made a big show of demanding that Goldman pay back all of the money stolen from 1MDB with interest, as well as any fees that the bank collected for its work underwriting three separate bond offerings that helped seed the fund. In total, the sum demanded came out to about $7.5 billion.
We know now that senior Goldman bankers, including then-CEO Lloyd Blankfein, signed off on the deals, ignoring warnings from the compliance department about Malaysia's point man for the project, the mysterious financier Jho Low. Which may explain why even the DOJ is now rushing to get this episode in the history books.
Low is now an international fugitive, and at least one Goldman banker has pleaded guilty and agreed to cooperate with the government; a settlement could be announced as soon as next month (though the bank also faces charges in Malaysia), although BBG's sources warned that the terms of the deal could change.
It's unclear from the report whether the DoJ will also seek a guilty plea from the bank, which could be a game-changer if it happens.
The notion that the DoJ is going easy on Goldman is hardly a surprise. Attorney General William Barr has reportedly directly involved himself in the case, which is unusual because his former law firm, Kirkland & Ellis LLP, represents Goldman, and Barr had to secure a waiver to excuse this conflict.
But this type of special treatment would be nothing new to Goldman: After all, its alumni occupy some of the most powerful jobs in the world. Goldman is the very definition of 'too big to jail'.
https://www.zerohedge.com/markets/goldman-shares-rally-reports-doj-weighing-lowball-1mdb-settlement
No moar settlements..jail these fuckers.
from Dec 4th
Former Malaysia PM Najib attends court proceedings in 1MDB trial
https://www.gulf-times.com/story/649433/Former-Malaysia-PM-Najib-attends-court-proceedings
from Nov 27
London court allows public hearings between 1MDB and Abu Dhabi state fund
https://www.businesstimes.com.sg/government-economy/london-court-allows-public-hearings-between-1mdb-and-abu-dhabi-state-fund
kek
his own biz. don't care.
his problem, not ours to worry or care about.
Got shit to answer for but he came through for Justice K. Deal with the other shit later.
I don't care what you do in your private time. Don't want to know.
wow…just wow.
really getting bad now.
You should be improving how is it that you can spend so much time here and regress?
Have a nice day alex
Deutsche Bank staffers cleared but bank fined in money laundering case
BERLIN (Reuters) - Frankfurt prosecutors have dropped an investigation into two Deutsche Bank (DBKGn.DE) employees accused of aiding tax evasion through a former Virgin Islands unit, although they have fined the lender for compliance lapses.
In a two-day raid a year ago, 170 police officers searched Deutsche Bank’s headquarters in Frankfurt, hitting its share price just as management was battling with losses and a string of other financial and regulatory scandals.
Sources close to the investigation said as recently as July that prosecutors were set to escalate the investigation, planning raids on wealthy former clients after searching the homes of eight people in May.
Deutsche Bank said on Friday, however, that the Frankfurt prosecutor’s office had now closed the case due to a lack of suspicion. It was hit with 15 million euros ($16.5 million) in fines and forfeits to make amends for the shortcomings in its compliance setup.
“With the closure of these proceedings it is clear that the prosecutors have not found any instances of criminal misconduct on the part of Deutsche Bank employees following the raid of our Frankfurt office in November 2018,” Deutsche Bank spokesman Joerg Eigendorf said in a statement.
“The investigation that has now been closed due to lack of sufficient suspicion had a heavy impact on Deutsche Bank last year,” he added. “It is true that the bank had weaknesses in its control environment in the past. We identified these weaknesses and we have addressed them in a disciplined manner.”
The proceedings were linked to German client interactions with offshore entities set up by the bank’s Virgin Islands subsidiary Regula Ltd. The subsidiary was sold by Deutsche Bank in March 2018.
In a separate statement, the prosecutor’s office said the fines were imposed over the failure to promptly report suspected money laundering related to Regula; inadequate high-level oversight and understaffing of the bank’s anti-money-laundering team from 2015 until early 2018.
Even though it dropped its investigation into the two Deutsche Bank staffers, the prosecutor’s office said it would continue to investigate German customers of Regula that it suspects of tax evasion.
https://www.reuters.com/article/us-deutsche-bank-moneylaundering/deutsche-bank-staffers-cleared-but-bank-fined-in-money-laundering-case-idUSKBN1YA20S