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Goldman Admits Role in Record $1.6 Billion 1MDB Bribe Spree

  • Penalties rise to $5 billion; Solomon and Blankfein lose pay
  • First guilty plea by bank unit, but no conviction for parent
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Goldman CEO Solomon, Blankfein Face Pay Claw Back on 1MDB
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Goldman Sachs Group Inc. admitted its role in the biggest foreign bribery case in U.S. enforcement history, reaching multiple international settlements to end probes into its fundraising for the scandal-plagued Malaysian fund known as 1MDB.

Goldman officials helped spread $1.6 billion in illicit payments across Malaysia and the Middle East as part of a scheme that diverted money raised for development projects into an international spending spree on mansions and lavish parties, the bank said.