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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.

Malaysia seeks US$7.5bil in reparations from Goldman Sachs

KUALA LUMPUR: Malaysia is seeking US$7.5 billion (5.9 billion pounds) in reparations from Goldman Sachs Group Inc over its dealings with scandal-linked state fund 1MDB, the Financial Times reported on Friday, citing the country's finance minister.

Lim also told the FT that reparations should at least be more than $1.8 billion, the sum Goldman Sachs has told investors it had set aside to cover potential losses related to 1MDB legal proceedings.  "Their figure is $1.8 billion. Ours is $7.5 billion," Lim said.  Malaysia is not currently negotiating with Goldman, but charges filed on Monday could bring the bank to the table, Finance Minister Lim said.

Rogue bankers don't explain Goldman's 1MDB mess

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.