Goldman’s Image Stained Again With Damning 1MDB Settlements
- New raft of settlements push punishment tally above $5 billion
- The deals also offer gritty look at bank’s role in conspiracy
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Goldman Sachs Group Inc., pilloried after the 2008 financial crisis, just saw a decade of image repair tarnished as prosecutors and regulators around the world unleashed accusations and punishments against the bank after a yearslong probe into the plundering of Malaysia’s 1MDB investment fund.
Goldman’s costs from the scandal hurtled beyond $5 billion Thursday while a subsidiary pleaded guilty to a U.S. criminal charge for the first time in the firm’s history. The parent company entered a deal to spare itself a conviction that could cripple business, by promising to behave.