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Goldman Sachs Falls as Top International Executive Charged in 1MDB Scandal 

Published 08/09/2019, 11:34 AM
Updated 08/09/2019, 02:54 PM
© Reuters.

Investing.com - Goldman Sachs (NYSE:GS) fell in midday trade on Friday after reports that 17 current and former bankers, including its CEO of its international division, were criminally charged by Malaysia for their involvement in the 1Malaysia Development Berhad scandal.

Malaysia’s attorney government claims that the accused were directors at three subsidiaries when the bank arranged for bond offerings to the wealth fund and misled investors, diverting $2.7 billion.

Goldman Sachs says the charges are “misdirected” and will be defended.

Some $4.5 billion was stolen from Malaysia's sovereign wealth fund and diverted into properties and movie funds by senior officials, the U.S. Justice Department alleges.

In other news, the bank is dipping its toes in subprime lending as it decides who gets the new credit card for Apple Pay), CNBC reported.

Some of those customers have less-than-ideal credit scores, the report said. The credit cards were rolled out this week to select Apple (NASDAQ:AAPL) customers before a bigger launch later in the month.

Goldman Sachs (NYSE:GS) shars declined 1.3%.

Latest comments

its in the name, anything that sounds ********must be it.
thanks fullman
greece and now this, No surprise
No money laundering?.....i don't think so.
The extreme wealthy always makes money off of what the less than ideal clients earn and spend. Whether they know whether or not the Wall Street gang including Goldman Sachs has turned the essential cost-of-living expenses into a commodity that they can become even more wealthy.It’s not rocket science to understand that there has to be a balance in everything in life, including how much people make versus how much they need to survive. Who oversees this balance? The people who figure out a way to make it possible for ordinary people to make 10-20% even 30% more than what they need. Will create economic prosperity beyond imagination In at the same time, end most financial hardships and homelessness. Just remember our forefathers wanted our country to be self-governing of by and for all the people not for only a handful to get rich.
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