While there
(Bloomberg Opinion) -- Whether or not you believe that Goldman Sachs Group Inc deserved those high fees for its work with a scandal-ridden Malaysian investment fund, or that rogue bankers got it in this hot mess, one thing’s for sure: The bank’s internal checks just weren’t good enough.
The sheer amount of fees should have been the first red flag: US$600mil for underwriting US$6.5bil in bond sales between 2012 and 2013 for 1MDB. Let’s put that in perspective. The amount Goldman raked in from the investment fund alone is nearly equivalent to the US$694mil in revenue from its entire global bond underwriting business in the first quarter of 2013.
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