Much to David Solomon’s chagrin, things keep dribbling out about his bank’s involvement in some Malaysian shenanigans, which shenanigans Goldman now acknowledges are likely to prove very expensive for the bank, indeed. The latest comes from the redacted transcript of Leissner’s at-the-time secret guilty plea in August, in which he acknowledges that “other employees and agents of Goldman Sachs” had been in on the whole thing. This we already knew, what with one of Leissner’s underlings also being indicted, another of his former colleagues being rather embarrassingly unindicted, and one former CEO extremely embarrassingly linked to the whole unpleasant game.
The statement also includes some music to D.J. D-Sol’s ears, specifically that those rogue agents worked overtime to keep those meddling schoolmarms in legal and compliance from finding out about, you know, the bribes and diamonds and princelings. That very much fits the story Goldman wishes to tell about its involvement. This, alas, does not:
During his guilty plea in August, Mr. Leissner also said that his decision to hide his actions from Goldman’s compliance department was “very much in line” with a wider culture at the firm.
After prosecutors released details of their case last week, Goldman Sachs said for the first time in a regulatory filing it expected to pay “significant fines” to resolve the investigation into its role in the 1MDB scandal.