In 2012 and 2013 Malaysia hired Goldman Sachs to underwrite a Malaysia state development fund, 1Malaysia Development Bhd (1MDB). Goldman collected $600 million in fees from the $6.5 billion it raised. Apparently, that wasn't enough for some Goldman people. Malaysia claims that $4.5 billion in 1MDB funds have gone missing, of which at least $2.7 billion was stolen.
The Attorney General in Malaysia has indicted 17 of its former and current Goldman executives. This is not the first time Malaysia has done this; last December it filed charges in the same matter against three Goldman Sachs subsidiaries and two former Goldman employees.
Why haven't we moved against Goldman in this matter? On November 1 of last year, the Justice Department announced charges against former Goldman employees Tim Leissner and Roger Ng and a financier involved in the dealings, Jho Low. But the Justice Department did not bring charges against any of the three units of Goldman Sachs that were involved.
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