Bear with me for a second, but remember Presidential Candidate Romney’s statement in 2011 that “Corporations are people.” Starting with that premise, my so-called “Person” of the Year award for 2020 goes to, drumroll . . . Goldman Sachs, for its defining ethical and compliance lapses, leading to the largest ever FCPA Settlement. With tongue in cheek, the story of 2020 has to be the...
Goldman Sachs now sits atop all charts with the largest US FCPA bribery penalty, totaling approximately $2.9 billion. The second largest is Ericsson’s 2019 FCPA settlement for $1 billion. There is a reason that Goldman “earned” this distinction. The bribery scheme and controls and compliance failures are repugnant and pervasive. Goldman’s corruption scheme was built on stealing funds from the 1MDB account that was intended...
Goldman Sachs’ role in the 1MDB scandal continues to draw scrutiny. Justice Department prosecutors are investigating the extent to which Goldman Sachs knew and participated in the 1MDB scandal, and what penalty, if any, Goldman Sachs should pay. The recent indictment and guilty plea of two former Goldman Sachs officials represents a significant development in the ongoing investigation. In this episode, Michael Volkov discusses recent...
