Managing a bank will always be a more lucrative criminal enterprise than raiding one but this Brechtian styled analysis only goes so far. A closer look at the extraordinary nature of Goldman Sachs and its operations reveals not merely a bank but a flesh-eating cult of considerable proportion, brazen in its operations and indifferent to authorities. While states have been surrendering their functions to banks with more regularity than unconscious organ donors, the catch-up was bound to happen. In Malaysia, a country at times irritable with the liberties taken by financial institutions, a retaliation of sorts is taking place.
The Malaysian government now claims that the bank’s subsidiaries, two ex-bankers from Goldman Sachs and Malaysian financier Low Taek Jho, engaged in an enterprise of misappropriation to the tune of $2.7 billion. To that can be added claims of bribery and supplying false statements. But Goldman remains an old hand at this, already doing what it is famed for: minimising any alleged role of impropriety and declaring the sort of innocence best expressed by hardened criminals.
Wherever one turns to this mercenary of the finance world, the pattern is tried and familiar. Clients of varying moral persuasions are targeted; books and accounts are cooked to order; loans and purchases are arranged. The result is often murky and often seedy.
Examples of this proliferate in the financial jungle. Greece stands out as one such client, entering…