Updated: Aug 21, 2020
New York | This week The Institutional Risk Analyst reaffirms our negative view of The Goldman Sachs Group (NYSE:GS). The securities firm with a small bank attached had a record quarter in Q2 2020 thanks to great performance by the global markets team.
But a week later, the GS investment bankers promptly puked out the profit for the first half of the year to partially settle criminal and civil claims arising from the 1MDB fraud in Malaysia. Our report is on sale now in The IRA online store.
And BTW, anyone with information as to the whereabouts of the fugitive Jho Low, the Malaysian businessman and international fugitive sought by the authorities in Malaysia, Singapore, the United States, to name only three jurisdictions, do drop us a note. Not only did Low fool the folks at Goldman Sachs, including former CEO Lloyd Blankfein, but he also managed to swindle a whole lot of US financial moguls and Hollywood types, including Leonardo DiCaprio, in the process.
Of course, in a purely existential sense, we could attribute the frequent financial shenanigans seen in the Asian financial markets to the vast sea of fiat paper dollars being emitted by the US Treasury. Not only does the world of offshore dollars provide big opportunities for global banks, investors and rating agencies, to name but a few, but it also produces some of the most remarkable frauds and scams seen in modern times.
The arbitrage between the dollar world and the two other major currency alternatives, the Japanese yen and euro, is one of the key factors affecting US monetary policy in a global sense. As we’ve discussed frequently with our friend Ralph Delguidice of