A $3.9 Billion Settlement: Timeline of the 1MDB Scandal | WSJ
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- เผยแพร่เมื่อ 25 ต.ค. 2020
- Billions of dollars that went missing from Malaysia's 1MDB has become one of the biggest financial scandals ever, with Goldman Sachs agreeing to pay the U.S. government more for its involvement than it did after the 2008 crisis. Here’s how the alleged fraud happened and then fell apart. Photo Composite: Adam Falk
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#WSJ #1MDB #Scandal
Steal billions get a fine, steal a few dollars get jail for life.
Welcome to Malaysia....where the leaders can steal money and walk freely...hopeless country
I concur with your sentiment. Crime should reflect jail sentence. The system is broken and corrupt.
Australia. 7.30pm
False in the US the average sentence length for robbery offenders was 111 months. Obviously you can get life if you use a deadly weapon
@@rafaelluna2529 in Malaysia you can actually bribe the authorities such as anti corruption authorities to get out of jail...recently someone did that
no the GS director as said was sentenced to jail
“A man who has never gone to school may steal a freight car; but if he has a university education, he may steal the whole railroad.”
― Theodore Roosevelt
"A man who has never gone to school may steal a freight car; but if he has a university education, he may pronounce archipelago right."
--- some dude on the internet
"Alas! Like most great men, my legacy will be abused for cheap quotes for people to signal how apparently deep they are!"
-- Theodore Roosevelt
Education do pay off.
- Me
Laszlo T.R. is at it again
Teddy Roosevelt stole the maritime trade route
Small thief goes to jail
Big thief goes to parliament
👍😁😁
Thats the power of money. 😄
Parliment is not where money is
Yea can't believe he is still walking around like he did nothing wrong. So arrogant!!!
Politicion in a nutshell
Netflix's Dirty Money covers this in more detail
I actually feel disgusted to watch that series becuz of how terrible they are.
What episode?
@@silvaphoenix3652 season 2 the man at the top
@@aman6269 the film quality or the plot?
@@VejmR the plot
“Laws are spider webs through which the big flies pass and the little ones get caught.”
― Honore de Balzac
worship de cocque
thats not really how spiderwebs work
Robert Rubin wove the web.
a company pays a fine of 3 billion after earning 5 billion...
Where did you get 5 billion from? the video says 600 million
If you will change the word fine to "bribe" then it will make so much sense.
Profit
As Malaysian, let me give you the update.. he still walk freely, involve in parliament, and even file appeal for tax return.. thanks me later
Why people believe him once out of the jail
@@sanketraikar8114 he is not in the jail yet. And in fact the court delay his case due to covid.
The tax on 2.6billion?
@@Super3.145 here is the update, he is still walking freely. And in fact we have even more crooks in the current government now. God help us.
@@NN-eg7qh what about now?
"produced wolf of wall street" with stolen money.
That movie itself is a disgrace, all it did was glorifying white collar crime. I know people have this weird fascination of being a thief, Italian job, ocean’s 11 and so on. But that movie particularly rubbed me the wrong way. I know people aspired to work in finance unironiclally looking up to that movie. And the guy whose life the movie is based on is on tours showing everyone his life, dubbed education. It’s reinforcing this stupid idea of typical in American dream, that if you are smart it’s justified to take from others. Makes sense it’s financed by equally shifty money.
@@fanzhang5568 Yeah, going around selling expensive courses and seminars isn't exactly what I'd call an atonement. Seems more like just another way to make money.
@@mpmpenak true, but at least he is making money legitimately (by “scamming” his blind followers legitimately)
Man, these banks have no fear of anything.
If it's something to do with the US, then Goldman comes up.
If it's something to do with Europe, then Deutsche bank comes up.
That's a sign that they are good at what they do, that they know the in and outs of the system. If I had a billion dollars, I would totally get Goldman to invest it for me. And I'm Malaysian.
@@burtonl7239 deceiving people isn’t ‘knowing’ the system’s in and outs.
@@kaisermayhem8919 And when did they deceive people? GS clearly explained to their clients, the corrupt politicians, what they can do, under the clause of confidentiality like most professional organizations do, and negotiated their fees in advance. In other words, to them it was just business. It's the politicians who deceive the people as to where the money went.
@@burtonl7239 are you kidding man. These banks have sold unsuspecting investors a host of financial products without disclosing the actual risk.
And billions you’re willing to give to them, yeah, they’d Siphon it off to a investor who’s would be willing to give them higher fees.
Who’s gonna stop them? Lol
So true that every 10-15 years Goldman manages to be found involved in some serious financial crimes or abuse of security loopholes. Each time is something different. Just like clock work, it was involved with the eventual collapse of Archegos. Deutsche, HSBC, Credit Suisse and many more international banks are also have the similar pattern of abuse.
Shoutout WSJ for bringing this to the international community. Real Journalism - highlighting the flaws in the US banking system and the rampant corruption of Najib and Jho Low
Celebrities: Protect the environment! End corruption!
Also celebrities: excessively lavish lifestyles, benefiting from corruptions
It rings very hollow, doesn't it?
I think you forget to inform people with your little propaganda is that Celebrities are not privy as to where these money comes from. They are hired to do a certain job as a PR ambassador for a fee. You and I never knew who Jho Low is and 1MDB until this corruption come into light.
@@PuffOfSmoke Not sure about that, but I'm sure someone paid you to release a statement so lacking in gravity, meaning and substance that it easily goes up in smoke (pun intended).
@@scottmead854 you’re not sure that celebrities get paid to make appearances?
@@xwarped83 Even the simplest simpletons know that. What's your point, exactly?
If a stranger hands you a lot of money, you'd just take it no questions asked? If a mafia deposits money in a Swiss bank, you think it should get into trouble?
As stated in the video, the financier of the film is an unknown company, that itself should raise some concerns.
My point is, celebrities like to ride the high horse and exhort people to care about the environment, yet their excessive lifestyles are directly damaging what they claim to care about? They like to denounce corrupted institutions yet have no qualms receiving money from them?
But then again, no wonder our world turns out to be this way, with people like you with limited critical thinking
@@scottmead854 “If a stranger hands you a lot of money...”. You really think it’s that simple? You honestly think a stranger walks up to a celebrity gives them cash and tells them to make an appearance?
Since celebrities aren’t allowed to speak out about things like the environment. Can a person like me speak out? Keep in mind that I drive an SUV. Or are only those perfect individuals allowed to speak out? Looks like your critical thinking didn’t take you that far.
Malaysia is famous for all the wrong reasons. From MAS to 1MDB to Kim Jong Nam's assassination. But as the saying goes, malu apa bossku?
Yeah like China now... Assalamualaikum to Covid-19... It's China's fault-Donald Trump
@@haidielmazelan4531 LOL u funny but not funny. Funny.
What is MAS ?
@@ornachia2489 Malaysia Airlines System
Go back to china bring back the wuham virus
Fun fact,
Not only Najib but the whole political party involved are still standing still in the country. They have earned much support from the community.
When you have control of legislation, and hired the best lawyers team, you will be free of charges for any crime.
For Jho Low, he is travelling in other country with all his money. Not even interpool could search which country he is in now.
The RBA™ is early I see
@saf dipo according to conspiracy theories he moved to China. But i think he isn't in China because its just too risky with all the securities there and i think he might be travelling from countries to country
His political party is still standing tall among the people, making more election and re-election victory. Go figure!
How difficult is it to hunt for a fat Chinese man in exotic countries who spends like no tomorrow 🤔? Unless he loses 100 lbs. Plastic surgery and shave his head
What surprised me the most they're many Najib supporters who still believe the charges against him are political and he's the victim and innocent. 😂
@array s But why did people support Najib? I really don't get why people would do that given all that Najib has done to Malaysia
@@bluexecutor6635 cuz they get money aid from Najib, all the time. whose money? oh they don't know and they dont care.
@@kew037 This is so sad, and now with covid it is even worse lol. Hope Malaysia will have a strong rebound, I'm sure it's possible
Only those idiots believed in him. Still not waking up from their dreams.
@@danielyee9159 the thing that got me laughing when Najib wife was suppose to be in a schedule for court, she keep having excuse about his health
Thank you Najib ,, you have made Malaysia famous for the wrong reasons ...
Lol
Can't let him have all the credit. Malaysia was already world famous before his scandal by being the country who can do magic tricks that make planes disappear.
@maha Sendiri 🤣🤣🤣.. You may ask your beloved Najib to sue WSJ 🤭
@@otaiman6728 well technically... 3 year ago he said next Tuesday... He didn't say what year... Hahaha
@@johariawang1804 🤣🤣🤣..
I was writing my assignment on this, I feel like more Malaysians must get into the know especially the younger generation. They really bamboozeled us with this one.
recommend the book "billion dollar whale" about this really good very in depth
we know but its too dissapointing so we try to be happy, its too dperessing man
It blows up when there is true investigative reporting
We need more of that
Every sleazy financial story that I hear about seems to have some connection to Goldman Sachs.....
FYI: Najib out on bail and currently helping his political party to gain voters confidence for the upcoming election.
Nope he's still not out yet under by malaysia rule of law
@@rajasvlogs2061 No, he's not yet serving a sentence because he is entitled by law to appeal the verdict. And he has paid his bail, so he is technically free to move around, though not to leave the country.
Can you blame him? Getting his kaki back into power is his only chance to escape judgement.
Najis*
Why people believe them again
Mark my words, this has all the beautiful facts to become a great movie .
Unfortunately, Malaysia has repressive censorship laws on media, so it is unlikely this movie will ever get made.
@@burtonl7239 lol , Hollywood doesn’t care about censorship. They could else film this in another Asian country .
It would be an American movie - mainly focused on the bankers side of it . So Goldman sachs
@@silvaphoenix3652 Scarlett Johansson will play the lead
I stumbled on this case on Wikipedia and that’s exactly what I was thinking! A plot of gold.
The real shocker of it all is that anyone is shocked at all. This is how things have worked for a long time. If it's so appalling, then thousands of people need to be put on trial and sentenced to prison. But instead, those with the power to act are content to collect their share of the proceeds of crime.
“Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws.”
― Plato
Leo-our planet is dying because of pollution
Also leo-lets do biggest party of year
It's always after it happens that it's blatantly obvious🤦🏾♂️
ironic najib still wondering around, and holding government in malaysia.
Stealing from government public funds? that's "low"!
Robbers don't wear mask, they wear suit and tie.
Great reporting! Far between nowadays. Good job
Hi Wall Street Journal, I like your content. I love watching your videos.
A total disgrace to the nation. We are ashamed. Thoroughly.
Why is it that Goldman Sachs is always involved in these kind of things.
Thank you WSJ for your reporting
And yet there are still many staunch supporters of Najib believe that he is innocent till this day although he has been convicted in court for stealing the people's monies.🤦♂️
Yeah..still why is he still not in jail. Still going around like free man in malaysia.
@@wanizzul there are two sets of law enforced in Malaysia: 1 for the common man like us and the other for VVIP like government officials and politicians
I started watching this mistaking it for imdb
Same lol ... not disappointed tho
Goldman Sachs is soulless
Well, yeah, technically, souls were never proven to exist, so everything is soulless. Even if it did exist, GS is not a living thing, it's a brand name and a company, so it's not suppose to have a soul.
That is besides his point
not particularly It's just capitalism .
Kudos to the excellent investigative journalism by WSJ.
Ok bawak saya nak jumpa maikel
There’s a whole documentary on Netflix about it. An episode on Dirty Money I believe?
That’s why I don’t invest a penny. Those con men will suck your blood dry and confused you with their papers
It was weird that a lot of Malaysian still praised najib razak and believe this scandal was a lie. They called him the boss. They still support him. Even the gov who won and start uncovering the scandal was toppled in just 2 years. The court have sentenced him to 12 years in prison, but he still roam freely, still hold his position as a lawmaker and perhaps, with the current Malaysian political situation, a second scandal like this is possible. 😞. Hopefully not.
When 1mdb first started, I felt it wasn't going to make much of a social difference, just like the other national fund associations/entities
What's sadder is that the culprits are still walking free even into parliement
They wanted to be the Wall Street of Asia, and now they wanna complain that they actually became the Wall Street of Asia. LOL. Be careful for what you wish...
Isn't it interesting that the movie that Jho Low funded, The Wolf of Wall Street, was just another real life scandal that very closely resembles the one he pulled off later on! He probably had read the book early on and learned a thing or two.
I feel for the good people of Malaysia
Najib supporters be like fake news!
Bossku🤦
Malu apa bossku!!!
Najib knew this all along, he just did not expect BN to lose.
just watched Mr. Najib gave a speech in the live streaming of a parliament session with 12k viewers.
Notes for future:
Turkish Wealth Fund will share same destiny with the 1MDB. WSJ may start to investigate.
loves using his religion to justify his action.
Very true
aptly put,dear Swee yong
And he still an MP 🙄
Lo is chilling with Marsalek (Wirecard) somewhere i suppose :D
TY🤗
I don't think he has heard "archipelago" been said before...
Tanks sarawak report and rafiza ramli tony pua
A real to life of “catch me if you can”
😂😂😂😂
Why isn't a large portion of the Goldman (Government) Sachs fine/settlement with the US authorities being paid to the Malaysian government?
And as usual, no arrests. No indictments. A 2 tiered justice system.
I didn't know a movie website could be this corrupt!
doesn't anybody find it interesting that GS had to pay only $2.5B to Malaysian Govt, while the resulting debt through their wrongdoing was over $11B. Meanwhile they pay $2.8B to Uncle Sam even though they didn't steal from him 🤔
I also find it so confusing. Why Goldman Sach pay to US that money, not to Malaysia ?
The question is if Goldman and Sachs knew this was a scam right from the get go because if that was the case then they should be barred from doing business and just close shop
Is it believable Goldman Sachs CEO is not involved in a 6.5 billion deal?
And the Malaysian people still love this "boss"
Even thou hes corrupt
He have help alot of people
That is the reason why people still love him
Baik Dato' seri Najib🤝
One stold a lot of M. and fined only a cent. Really like s new business entity and motivates more others to copy. money is king and roam freely in.a world of his class. One person law is more powerful than law of the land.
And all the culprits still free moving around & continue doing their own business
Depressing
This should be a movie!!
Still smaller than India's 2G scandal in terms of money 😂😂
fyi india's gdp is in the trilions. while malysia's gdp is not even close.
Psalm 105
15“Do not touch my anointed ones;
do my prophets no harm.”
16He called down famine on the land
and destroyed all their supplies of food;
17and he sent a man before them-
Joseph, sold as a slave.
18They bruised his feet with shackles,
his neck was put in irons,
19till what he foretold came to pass,
till the word of the Lord proved him true.
20The king sent and released him,
the ruler of peoples set him free.
21He made him master of his household,
ruler over all he possessed,
22to instruct his princes as he pleased
and teach his elders wisdom.
23Then Israel entered Egypt;
Jacob resided as a foreigner in the land of Ham.
24The Lord made his people very fruitful;
he made them too numerous for their foes,
25whose hearts he turned to hate his people,
to conspire against his servants.
26He sent Moses his servant,
and Aaron, whom he had chosen.
27They performed his signs among them,
his wonders in the land of Ham.
28He sent darkness and made the land dark-
for had they not rebelled against his words?
That Jho Lo banged Miranda Kerr and other Victoria Secret models along the way by buying diamonds worth millions. The story he has is better than "The wolf of wall street". Who is gonna play him in the movie 1MDB.
The producer of crazy rich Asian will decide who's going to play as him in 1mdb
how do you know this lol
The sound of silence
you should really careful about chinese people I am from Indonesia and my lecturer once said this. "be careful with Chinese, if something wrong happen to them (like this Jho Low guy), they will go back to China and no one will ever find him anymore bcs almost entirely Chinese people have "same face", and I assume no one can tell any different if this Jho Low guy wanders around China without his glasses but using the mask. He will live peacefully and quietly bcs they can speak Chinese while the one who's after them cannot speak Chinese.
I bet this Jho Low guy is not living in rural area, or mountain, or in the forest. He is somewhere in the China's big city inside an expansive apartment.
In similar story from few thousand miles from KL there was called BUILT BUILT BUILT initiative, its now 3b $ and still growing, Cant wait WSJ has something to say on these worthless and overpriced projects.
Hasan minhaj did it way before
Yeah, and it was a very good episode. Unfortunately, they didn't continue the show.
WE ARE OF THE OPINION THAT THE GENTING WAS DIRECTLY CONNECTED TO NAJIB'S IMDB'S CORRUPTION. THE PRIME MINISTER SHOULD DIRECT THE MCCC TO INVESTIGATE THE INTERRELATED CORRUPTION MATTER.
Oy, ARCH i peligo??? Quash. Jizus
If it was the same story with the corrupt heads of state around the world...
I'll be honest, if could rip off the little man, I would do it. Some thieves are never caught.
meanwhile a millionaire paid USD750 tax, creative accounting
Love this story. As long as J Low keeps taking his diabetes medication I reckon he will live to a good ripe old age enjoying retirement funded by the Malaysian taxpayers.
Wait, why does the US government get to seize the assets? Doesn't that mean the whole affair effectively transferred billions of Malaysians' tax payer money into US government coffers?
Just finished reading Billion Dollar Whale, what a roller coaster of a book.. Much more detailed if you’re interested..
The Gando massacre was a mass murder committed by the Japanese military against the Korean residents of Gando (present-day Jiandao, Yanbian Korean Autonomous Prefecture, Jilin, China), after the Hunchun incident.
They should make a movie on this.
And today,he is still working around the globe freely.Malaysia democracy and law is dead.I hope big countries can interfere
wow wow!!
Wonderful
They should hire the girl with the dragon tattoo, she can find the money
What if he's hiding in North Korea like Crash Landing On You would suggest???
M01 Malaysia Duped Malaysians .. 1MDB ... yet they are still @ large ...
So who's paying settlement? And to who the settlement will be paid?
Me an Indonesian :
Hahahha this is a laughable number right Suharto
Why is he still walking free?
Evil.
When will the film come out?
Ask crazy rich asian
"I'm scared of businessmen. A whole army of gray-suited Brads and Chads trying to suck my soul and redeem it for frequent flyer miles"
~GINA LINETTE
b99
Why does he keep saying a word, that he doesn’t know? ˌärkəˈpeləˌɡō
There’s a rept of Thai PM has a part of this too
Fun fact: Tim Leissner is Kimora Lee Simmons husband lol