Fed bars 2 ex-Goldman executives in 1MDB scandal

Goldman Sachs helped the fund, 1Malaysia Development Berhad, commonly known as 1MDB, sell more than US$6 billion of debt to investors, ostensibly for projects that would benefit the Malaysian people.THE Federal Reserve on Tuesday barred two former Goldman Sachs executives from working in the banking industry because of their roles in a multibillion-dollar fraud involving a Malaysian government investment fund.

Goldman Sachs helped the fund, 1Malaysia Development Berhad, commonly known as 1MDB, sell more than US$6 billion of debt to investors, ostensibly for projects that would benefit the Malaysian people. But federal prosecutors contend that at least US$2.7 billion of that money went to fuel the lavish lifestyles of several people close to the former Malaysian prime minister, including flamboyant financier Jho Low.

"Given the Department of Justice's charges last year, this development is hardly surprising," said Jake Siewert, a Goldman spokesman.

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