Is It “Anti-Semitic” To Criticize “Jewish” Goldman-Sachs Bankers For Their Proven Market Manipulations?

 

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Goldman Sachs is once again the villain

Goldman sachs malaysian scandal

The Goldman you love to hate is back.

A decade ago, when the financial crisis swamped the world, Goldman Sachs was the undisputed villain of Wall Street.

While other banks were perceived as greedy or incompetent (and often both), Goldman had an unsurpassed aura of sinister venality. Whether it was engineering a massive short at the expense of its clients, or manipulating global aluminum markets, only Goldman could be called, in the now-immortal words of Rolling Stone’s Matt Taibbi, “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”

For the past 10 years, Goldman has tried to sanitize that reputation and promote what can only be called the softer side of investment banking. When Lloyd Blankfein retired as CEO and handed the reins to David Solomon in July, it seems that the worst of its publicity challenges had been laid to rest.

Two senior Goldman executives are accused by US prosecutors of conspiring to steal billions of dollars from a Malaysian sovereign wealth fund in what the Wall Street Journal (paywall) calls “one of the biggest financial frauds in history.”

Timothy Leissner, a former Goldman partner who used to head the bank’s southeast Asian business, pleaded guilty to conspiring to launder money and violating anti-bribery laws. Roger Ng, a Goldman managing director, was indicted on the same charges, along with Malaysian financier Jho Low.

Low is the alleged mastermind of the plot, in which essentially he convinced the Malaysian government to sell billions of dollars in bonds to establish the 1MDB fund, then bribed those officials with some of that money so he could steal the rest. Goldman underwrote $6.5 billion in bond sales, and pocketed $600 million in fees.

Who at Goldman knew what and when is still unclear. At least one other high-ranking Goldman executive, identified by the Wall Street Journal as Andrea Vella, is alleged to have helped Leissner evade Goldman’s internal controls. He was not indicted, but was stripped of his responsibilities as co-head of Asian banking and placed on leave, according to the journal.

In an emailed statement, a Goldman spokesman said, “The firm continues to cooperate with all authorities investigating this matter.”

Whether the scandal is remembered as Blankfein’s last, or as Solomon’s first, it’s a reminder that while much may have changed in the world of finance since 2008, maybe some things haven’t.

3 thoughts on “Is It “Anti-Semitic” To Criticize “Jewish” Goldman-Sachs Bankers For Their Proven Market Manipulations?

  1. My granddaughter attends Ivanhoe Grammar, 2019 my grandson will join her.
    The students have an account which the parents transact monies to.
    They use a card to buy lunch & other other whatnots necessary to their survival at school.
    No cash can be withdrawn.
    Personally I think it is a good idea, only that it may lead to a misunderstanding of the security that cash provides.

  2. A cashless economy:
    And someone shuts down the nations system.
    An act of war.
    It’s weeks before they can get the system up & running again.
    Starvation sets in.
    Not 1 nuke was dropped.

  3. It’s a dog eat dog world.
    Maybe DIGITAL BANK ROBBERS will find their way into the vaults of Goldman Sachs & steal some billions from them.
    So far the DIGITAL BANK ROBBERS have entered bank space & gone about their business & sometimes for prolonged periods of time & all this activity has gone on undetected.
    It speaks well of banking security – hey !!
    At the door of the bank the stolen millions / billions JUST VANISH … never to be seen or heard of again.
    But also – with all the tracking capacity of a;; in sundry … no one knows WHODUNNIT …. either.
    After all the security bragging who could imagine such goings on ??

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