It’s a side of investment banking culture that rarely sees the light of day: the thirst for glory and recognition which, along with the desire to pocket huge bonuses, drives some executives to break the law.in a criminal trial now under way in New York, involving the looting of billions of dollars from the Malaysian sovereign wealth fund, has openly conceded that one of his motivations was his desire to be “a hero at Goldman Sachs”.
For instance, they hid the involvement of a controversial Malaysian financier, Jho Low – who had previously been rejected as a Goldman client after the investment bank’s compliance team raised questions about the source of his income.Similarly, Leissner and Ng failed to mention that the scheme involved paying bribes to government officials in Malaysia and the United Arab Emirates.
Of course, pecuniary interests also played a role. For helping arrange the payments, Leissner pocketed some $US80 million, and US prosecutors are contending that Ng’s share was $US35 million.He has previously pleaded guilty to US charges of conspiracy to launder money and violate anti-bribery laws for his role in the scandal, and is presently awaiting sentencing.