Goldman Sachs has appealed to the highest ranks in the US Department of Justice. FMTNews 1MDB GoldmanSachs
The investigation into 1MDB is the biggest threat to Goldman Sachs since the days of the 2008 financial crisis.
Now, a deal may be near. Prosecutors were emboldened to press Goldman for a guilty plea after a high-ranking Goldman banker pleaded guilty in 2018 and described a secretive corporate culture that sidelined compliance staff, people familiar with the case said. Since then, Goldman has pushed back on that narrative and secured a hearing from the nation’s top law enforcement officers.
Jake Siewert, a Goldman Sachs spokesman, wouldn’t comment on the status of the negotiations. “We are trying to resolve this matter as expeditiously as possible,” he said. At the time, Seymour was a partner at Sullivan & Cromwell, Goldman’s outside law firm, and was dispatched to clean up the mess generated by Goldman’s fighting words. Ultimately, she negotiated a pact with the SEC that included a hefty US$550 million fine but no admission of wrongdoing.
In September of that year, following the collapse of Lehman Brothers and the sale of Merrill Lynch to Bank of America Corp, the Federal Reserve allowed Goldman and Morgan Stanley to convert themselves into bank holding companies, giving them access to the Fed’s discount window and allaying concerns about their viability. The Abacus case grew out of the mortgage meltdown at the centre of the crisis.
A Texas native, Seymour served as a federal prosecutor in Manhattan the 1990s before moving to Sullivan & Cromwell. She returned to the office, known as the Southern District of New York, in 2002 to serve as head of its criminal division under then-US attorney James Comey.
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