News Forum - Former Goldman partner says greed, ambition motivated bribery for 1MDB fund

[Thaiger]

An ex-Goldman Sachs banker testified in federal court on Wednesday that greed and ambition motivated his participation in a massive bribery scheme that stole billions of dollars from the Malaysian sovereign wealth fund 1MDB. The former chief of Goldman’s Southeast Asia operation — Tim Leissner — is the high profile witness in the criminal trial of Roger Ng, former head of investment banking in Malaysia. The trial began in federal court on Monday in Brooklyn, New York. Roger Ng is accused of receiving millions of dollars in kickbacks for his involvement in embezzling funds from 1MDB and for helping to […]

The story Former Goldman partner says greed, ambition motivated bribery for 1MDB fund as seen on Thaiger News.

Read the full story

[oldschooler]

5 hours ago, Thaiger said:

An ex-Goldman Sachs banker testified in federal court on Wednesday that greed and ambition motivated his participation in a massive bribery scheme that stole billions of dollars from the Malaysian sovereign wealth fund 1MDB. The former chief of Goldman’s Southeast Asia operation — Tim Leissner — is the high profile witness in the criminal trial of Roger Ng, former head of investment banking in Malaysia. The trial began in federal court on Monday in Brooklyn, New York. Roger Ng is accused of receiving millions of dollars in kickbacks for his involvement in embezzling funds from 1MDB and for helping to […]

The story Former Goldman partner says greed, ambition motivated bribery for 1MDB fund as seen on Thaiger News.

Read the full story

Often wish I had been an Investment Banker. It looks piss-easy compared to my chosen profession and far better paid

[Marc26]

6 minutes ago, oldschooler said:

Often wish I had been an Investment Banker. It looks piss-easy compared to my chosen profession and far better paid

Ummm............dunno

 

Even the crooks are really fcuking smart to do the crookery!

[oldschooler]

11 minutes ago, Marc26 said:

Ummm............dunno

Even the crooks are really fcuking smart to do the crookery!

Problem for me would have been my lack of degree & connections from Ivy League type top university…..business degree & professional qualification from my local business college wouldn’t have cut it ….. although back in the mid 70s could’ve worked my way up with that …….

[Marc26]

22 minutes ago, oldschooler said:

Problem for me would have been my lack of degree & connections from Ivy League type top university…..business degree & professional qualification from my local business college wouldn’t have cut it ….. although back in the mid 70s could’ve worked my way up with that …….

I don't know where you are from, but in the 70's that would have sufficed..........definitely not today.

And yes, people could work their way up back then

(I got offered a job in the mailroom at Goldman Sachs, oh what could have been  :)  )

 

I started in the stock market in 1995, 1 year short of my degree

And a huge % of people on the stock market floor didn't have degrees

 

But you can hardly get a job in finance today without a Masters or Ivy Leauge degree

[HiuMak]

12 hours ago, Thaiger said:

An ex-Goldman Sachs banker testified in federal court on Wednesday that greed and ambition motivated his participation in a massive bribery scheme that stole billions of dollars from the Malaysian sovereign wealth fund 1MDB. The former chief of Goldman’s Southeast Asia operation — Tim Leissner — is the high profile witness in the criminal trial of Roger Ng, former head of investment banking in Malaysia. The trial began in federal court on Monday in Brooklyn, New York. Roger Ng is accused of receiving millions of dollars in kickbacks for his involvement in embezzling funds from 1MDB and for helping to […]

The story Former Goldman partner says greed, ambition motivated bribery for 1MDB fund as seen on Thaiger News.

Read the full story

Najib still living a good life......where are the consequences

[Grumpish]

Greed and ambition in the investment banking world, now there is a surprise.

[Marc26]

 

 

 

 

This is the book about it

 

It's really good 

 

https://www.amazon.com/Billion-Dollar-Whale-Fooled-Hollywood/dp/031643650X

 

 

 

 

 

 

[oldschooler]

11 hours ago, Marc26 said:

I don't know where you are from, but in the 70's that would have sufficed..........definitely not today.

And yes, people could work their way up back then

(I got offered a job in the mailroom at Goldman Sachs, oh what could have been  :)  )

I started in the stock market in 1995, 1 year short of my degree

And a huge % of people on the stock market floor didn't have degrees

But you can hardly get a job in finance today without a Masters or Ivy Leauge degree

Grammar school Wimbledon. Kingston college part time whilst working as Management Trainee in Contracts & Procurement. Immature at 18 and not fast enough thinker for trading but back room sure. GS Mail Room ! Peer offered City bank entry job early 70s but went Oil & Gas as it paid 1k more ! If Only eh?

[butterfly]

the story behind 1MDB is quite incredible, and they should make a movie about it

ironically, some of the money from 1MDB was used to produce the Wolf of Wallst with DiCaprio

a lot of smart criminals in Malaysia and Indonesia that make it big in the west, like that Chinese Malaysian who "fooled" US millionaires with "fake" expensive French wines for several millions bottle. The documentary about that guy is far better than any Hollywood saga.

There is also the fraud of that German Fintech startup from an Indonesian guy, the company was listed in Germany with a value of 50b EUR, and they were planning to take over Deustch Bank

[Marc26]

14 hours ago, oldschooler said:

Grammar school Wimbledon. Kingston college part time whilst working as Management Trainee in Contracts & Procurement. Immature at 18 and not fast enough thinker for trading but back room sure. GS Mail Room ! Peer offered City bank entry job early 70s but went Oil & Gas as it paid 1k more ! If Only eh?

I think you've done ok in O&G

 

I never even knew about that world until I started going to Thailand

That is something that I would've loved

I like the off/on schedule 

I've always preferred working double shifts for less days in a week, even as a teenager

So on for 2-3 months then off would be very appealing to me

 

I went to school in NYC

I didn't know a thing about the stock market 

My 1st day of the job they had to teach me what a bid and offer was

 

But on the exchange floor it was more about being street smart and having tough skin

Being able to handle getting screamed at and at times, physically moved out of the way