Are banks really just chartered illegal enterprises allowed to exist as long as they kick back to overseers? What's going on this time? Now let's see: indictments were unsealed by the Justice Dept. against two high ranking employees who are alleged to have been involved in the 1MDB scandal involving Jho Low, the man accused of fooling Wall St. bankers and absconding with billions. Now it has been learned that Mr. Lloyd Blankfein, just recently replaced as CEO of Goldman Sachs, actually met with Jho Low several times during the search for new business in Asia. Mr. Low somehow worked the 1MDB fund so it appeared that these funds were going to be invested to promote Malaysian national interests. But, something happened along the way. Mr. Low forgot whose money he was investing; or he was confused, thinking it was HIS money. Maybe he told Mr. Blankfein it WAS his money.
More will come out as the case against former Goldman Sachs executives is made known. Goldman Sachs is known to have made more than $600 million dollars in fees dealing with 1MDB. It's a shame that these well respected individuals compromise their integrity for a few bucks. Mr. Blankfein's net worth is reported to be $1.1 billions of dollars. The man is 64 years old. He won;t live long enough to spend it. What will happen to it? Maybe he'll give it to Bill Gates or Warren B. and their charitable foundations that fund international health programs.
We'll soon find out how much he's really worth as investigators delve into 1MDB records. Where is Mr. Low? Disappearing in China, where else.
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