Design
(Bloomberg Opinion) -- There are certain things investors have come to expect when a large financial institution gets caught up in wrongdoing. Top leaders will apologize and say the conduct was unacceptable, adding that they’re fully cooperating with the relevant investigators. The institution will likely pay a settlement that’s in the billions of dollars, but it won’t cause lasting harm to its business.It looked as if Goldman Sachs Group Inc. was following that same template for its role in the plundering of Malaysia’s 1MDB investment fund. It agreed to pay a large fine and even pleaded guilty for the first time in the bank’s history through a small Malaysian unit, but it was still poised to come out largely unscathed: The parent company avoided conviction in a deal known as a deferred-prosecution agreement, according to a court proceeding in Brooklyn, New York, on Thursday. That designation is a win for Goldman Sachs, because a conviction might have risked losing some institutional clients that are restricted from working with financial firms with criminal records.The bank will pay more than $2.3 billion in the plea deal, U.S. prosecutor Alixandra Smith said, the largest penalty in U.S. history for a violation of the Foreign Corrupt Practices Act. In all, Goldman’s penalties will exceed $5 billion globally.Then came the more surprising news: Goldman will cut or claw back $174 million in pay for a dozen top current and former executives, including Chief Executive Officer Dav
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2020/10/22
finance.yahoo.com/news
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