THE CHIEF EXECUTIVE of one of Wall Street’s top banks saw a large reduction in his 2020 salary for his role in the multi-billion dollar 1MDB corruption scandal.
David Soloman, chief executive of Goldman Sachs, saw his salary cut by $10 million dollars due to his bank’s involvement in the 1MDB scandal which saw billions stolen through corruption and fraud from a Malaysian government investment fund.
Although the top banker still took home $17 million at the end of last year, his large reduction will come as a sharp sting to Solomon in the world of high finance where success is defined by bank balance digits. Two Goldman Sachs bankers are facing criminal charges for the Wall Street firm’s role in the 1MDB scandal, while the company has shelled out $3 billion to four countries as compensation.
The 1MDB scandal centred on a multi-billion investment fund set up by Malaysia’s government, which saw astronomical sums of cash disappear in fraud and corruption. Led by the enigmatic Jho Low – who now is one of the planet’s wealthiest fugitives – the conspiracy saw Malaysia’s former PM Najib Razak jailed for 12 years in a sentence he is now appealing.
Goldman Sachs said that while their top executive had not known of the huge corruption conspiracy, he had overseen the bank’s “institutional failure” in turning a blind eye to many glaring irregularities in the 1MDB fund. The scandal is one of the highest-profile fraud and corruption cases in financial history and led to political uproar in Malaysia and other Asian countries.
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