Monday, February 15, 2016

Goldman Sachs Executive Questioned About $681 Million Deposited Into Malaysian Prime Minister's Bank Account

Tim Leissner (left) with Kimora Lee (AP Photo
The Chairman of Goldman Sachs' Asian operations, Tim Leissner, recently relocated to Los Angeles from Singapore where he helped set up a state-run fund for Malaysia, 1Malaysia Development Berhad. Goldman Sachs got paid sky-high commission on bond sales for the fund according to the New York Post before $681 million tied to the fund wound up in the personal bank account of Malaysian Prime Minister Najib Razak.

According to The Post, the FBI is now investigating what may be part of a five-country money laundering scheme. Leissner is married to Kimora Lee, former wife of Russell Simmons, who is reportedly good friends with Razak's wife. Goldman Sachs reportedly earned about $593 million in fees, or 9.1% of the total money raised by the fund. Traditional fees run closer to 5%, and the fees paid to Goldman Sachs exceeds the limits set by Malaysian authorities.

Government investigators are trying to track down the source of the $681 million deposited into the prime minister's bank account. One claim according to the report is that Saudi Arabia donated the money to help fight ISIS, an answer that doesn't satisfy regulators. "It is a known fact that there is a lot of fraud, and under-the-table stuff like that happens if you are a bank and want to get business done in foreign countries like Malaysia," one veteran regulator told The Post. Leissner was one of Goldman Sachs highest-paid employees when he was abruptly pulled out of the country according to The Post.


Linda said...

Bank of Malaysia is an international money laundering mess.

Flogger said...

Here is a funny statement in a gallows humor sense from the Post Article - "These probes could force Goldman to face the wrath of a congressional inquiry, according to one legal expert."

A Congressional Inquiry into Goldman Sachs would be a typical "show trial" into Wall Street. The result will be nothing will happen. A little fish maybe cooked, but the Goldman Hierarchy knows they have nothing fear.

Wall Street and Goldman have been immunized against serious repercussions. $hillary Clinton took $675,000 she received for three speeches from Goldman Sachs. $hillary Clinton received $3 million in 2013 alone from speaking to firms that included Morgan Stanley, Deutsche Bank and The Goldman Sachs Group, according to a list from her campaign.

Bernie Sanders: "I think that the business model of Wall Street is fraud. And I think these guys drove us into the worst economic down turn in the modern history of America". Sanders said, “Wall Street is an entity of unbelievable economic and political power. That’s fact. I want to say something and it may sound harsh, not to you, but to the American people. In my view, the business model of Wall Street is fraud".

Of course the establishment is horrified Sanders would loudly and repeatedly call out Wall Street and $hillary.