Ex-Goldman Sachs banker tied to 1MDB scandal blames bank's 'culture' in guilty plea [View all]

Source: CNN

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New York (CNN Business) An ex-Goldman Sachs banker who pleaded guilty to conspiring to steal money from Malaysia's state investment fund said Goldman's "culture" encouraged executives to work around the legal team to score business.

It was "very much in line of its culture of Goldman Sachs to conceal facts from certain compliance and legal employees," said Tim Leissner, Goldman's former Southeast Asia chairman, in his guilty plea from August, which was unsealed in federal court in Brooklyn Friday.

Leissner admitted that he hid from Goldman the fact that Malaysian financier Jho Low secured business for the bank by bribing officials in Malaysia and Abu Dhabi. The US government alleges Low played a central role in a scheme to launder billions of dollars from the Malaysian sovereign wealth fund, 1Malaysia Development Berhad.

Last week, the US Justice Department announced charges against Leissner, Low and Roger Ng, another former Goldman banker. The agency said that Leissner would forfeit $43.7 million.

Read more: https://amp.cnn.com/cnn/2018/11/09/business/lloyd-blankfein-goldman-sachs-1mdb/index.html

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This is not the 1st time a Goldman Sachs insider has accused the "culture" at Sachs, of bring of bad faith.

And, I personally, can testify to facts of Goldman Sachs personnel illegal mindset.

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