4 ms·

Has anyone from Goldman ever actually been in trouble from the authorities? That was my take from the 2008 financial crisis: the government had to fix everythi

Has anyone from Goldman ever actually been in trouble from the authorities? That was my take from the 2008 financial crisis: the government had to fix everything. Again. And no Hollywood movie about the European, American and Asian finance ministers who had to make sure the ATMs kept working.

odiroot 4y ago
Yes Tim Leissner but nothing related to 2008: https://en.wikipedia.org/wiki/1Malaysia_Development_Berhad_scandal https://en.wikipedia.org/wiki/1Malaysia_Development_Berhad_s...
hackernewds 4y ago
One need only look at the nickel commodities market to understand that Goldman socks measures these things in terms of expected value, where if the benefit exceeds the EXPECTED VALUE (probability*fine) of the fines, they will have an active desk for it. https://www.cftc.gov/PressRoom/PressReleases/7505-16 https://www.cftc.gov/PressRoom/PressReleases/7505-16
rchaud 4y ago
Roger Ng was found guilty by a US court of conspiring to loot Malaysia's 1MDB fund: https://www.npr.org/2022/04/08/1091801453/1mdb-fund-goldman-sachs-roger-ng-guilty https://www.npr.org/2022/04/08/1091801453/1mdb-fund-goldman-...
FabHK 4y ago
Fabrice "Fabulous Fab" Tourre was basically Goldman's fall guy. Reasonably junior (in investment banking, VP is junior - analyst, associate, VP, director, MD) who had sent some stupid emails to his girlfriend ("The whole building is about to collapse anytime now. Only potential survivor, the fabulous Fab … standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!!"). He was charged, but nobody else from GS, AFAIK. https://www.usatoday.com/story/money/business/2013/08/01/goldman-trader-fabrice-tourre-reaction/2609717/ https://www.usatoday.com/story/money/business/2013/08/01/gol... (I remember because he besmirched my good name :-)
- anonu 4y ago
  His crime was he wrote about it in company email... And the fact that he did so in bombastic terms (aka widows and orphans) was only fodder for the media. Remember, your corporate email is not yours. Especially at a financial services firm.

odiroot 4y ago

Yes Tim Leissner but nothing related to 2008: https://en.wikipedia.org/wiki/1Malaysia_Development_Berhad_scandal https://en.wikipedia.org/wiki/1Malaysia_Development_Berhad_s...

hackernewds 4y ago

One need only look at the nickel commodities market to understand that Goldman socks measures these things in terms of expected value, where if the benefit exceeds the EXPECTED VALUE (probability*fine) of the fines, they will have an active desk for it. https://www.cftc.gov/PressRoom/PressReleases/7505-16 https://www.cftc.gov/PressRoom/PressReleases/7505-16

rchaud 4y ago

Roger Ng was found guilty by a US court of conspiring to loot Malaysia's 1MDB fund: https://www.npr.org/2022/04/08/1091801453/1mdb-fund-goldman-sachs-roger-ng-guilty https://www.npr.org/2022/04/08/1091801453/1mdb-fund-goldman-...

FabHK 4y ago

Fabrice "Fabulous Fab" Tourre was basically Goldman's fall guy. Reasonably junior (in investment banking, VP is junior - analyst, associate, VP, director, MD) who had sent some stupid emails to his girlfriend ("The whole building is about to collapse anytime now. Only potential survivor, the fabulous Fab … standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!!"). He was charged, but nobody else from GS, AFAIK. https://www.usatoday.com/story/money/business/2013/08/01/goldman-trader-fabrice-tourre-reaction/2609717/ https://www.usatoday.com/story/money/business/2013/08/01/gol... (I remember because he besmirched my good name :-)

anonu 4y ago
His crime was he wrote about it in company email... And the fact that he did so in bombastic terms (aka widows and orphans) was only fodder for the media. Remember, your corporate email is not yours. Especially at a financial services firm.