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Goldman Sachs CEO apologises for ex-banker’s role in 1MDB scandal

NEW YORK: Goldman Sachs Group Inc chief executive officer David Solomon (pic) has apologised to the Malaysian people for former ban­ker Tim Leissner’s role in 1Malaysia Development Bhd (1MDB) scandal, but said the bank had conducted due diligence before every transaction.

Goldman Sachs apologises for ex-banker's role in 1MDB scandal

BENGALURU: Goldman Sachs Group Inc Chief Executive Officer David Solomon on Wednesday apologised to the Malaysian people for former banker Tim Leissner’s role in the sovereign wealth fund 1MDB scandal, but said the bank had conducted due diligence before every transaction.

Patronage is king?

WHEN Tun Dr Mahathir Mohamad led the opposition to a stunning election victory, he had an effective rallying cry that reflected why Umno’s form of governance was problematic: “Cash is king!” If Dr Mahathir is not careful, worrying recent trends indicate a similarly disconcerting problem about Pakatan Harapan’s government: “Patronage is king!”

Mindset change: Daim stressed that the government would strive to change the bumiputra mindset.

US seeks extradition of 3 ex-Credit Suisse bankers

NEW YORK: Three former Credit Suisse Group AG bankers were charged here with defrauding US investors who helped provide more than US$2bil in loans to Mozambique, thrusting another global bank into a fund-raising scandal involving a developing nation.