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The scandal of Goldman Sachs’s secret agent

Goldman Sachs has faced many crises in its time but none more shocking than the case of Tim Leissner, its former senior partner in south-east Asia. Wall Street is supposed to bring transparency to emerging markets, not to make corruption easier.

Mr Leissner, who has admitted to laundering money and bribery, was corrupted in spectacular fashion. He pleaded guilty to conspiring with Jho Low, a flamboyant deal fixer, to gain for Goldman a lead role in $6.5bn of bond financing for 1MDB, a Malaysian sovereign wealth fund. He also helped to channel $2.7bn into bribes, including $4m of jewellery for an official’s wife. Mr Low maintains his innocence.

Concealing facts from Goldman’s compliance and legal staff to prevent them from blocking deals was “very much in line with its culture”, he claimed in court. If that is true, Goldman has lost its honour. Even if false, it says little for the bank’s vaunted “federation” — its finance, risk management and legal groups — that he fooled them so easily.

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约翰•加普

约翰·加普(John Gapper)是英国《金融时报》副主编、首席产业评论员。他的专栏每周四会出现在英国《金融时报》的评论版。加普从1987年开始就在英国《金融时报》工作,报导劳资关系、银行和媒体。他曾经写过一本书,叫做《闪闪发亮的骗局》(All That Glitters),讲的是巴林银行1995年倒闭的内幕。

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