1 Burst results for "Toby Specter"
"toby specter" Discussed on FT Banking Weekly
"Studio today is David Crowe, our banking editor and down the line from Malaysia we have Stefania Palmer scientist Asia correspondent pulsa from New York. We have Laura Newnan US banking editor this week. We'll be discussing the latest ructions at Goldman Sachs as its Malaysian scandal. Deepens look at Standard Chartered as embarks on a buyback of shares. And finally an interview with Bob diamond, the former head of Barclays who is now investing on his own account through business. Atlas merchant capital, I o to Goldman Sachs and Stefania joins us from Columba. You Burke, a really interesting story on Tuesday morning that the premier-in-waiting and Ebrahim has gone pretty aggressively after Goldman in this long running saga about the one MD. And the agree just payments that were allegedly paid to Goldman Sachs for issuing them. Tell us what happened exactly essentially Anwar Ibrahim who should that been after current prime minister Monti Mohammed about a couple of years, essentially told me set Goldman should absolutely return significantly more than the six hundred million dollars at the Bank was paid for arranging three bone cells of for one MD the Malaysian state investment fund that is obviously now at the heart of one of the biggest financial scandals in history. And the main reasons thoughts on we're gave me or ops first of all the fees which to about ten to eleven percents. He found up to the exorbitant and indefensible, and then you also argued that this entire one of Dubya fear of which took Goldman is a part of is essentially a cost to the image of Malaysia. It's a cost to investments coming into the country, but also burden shouldered by the current government, which ousted not cheap Razaaq, the founder of one MD back in mate, we have to remember that the current coalition is also tackling quite an easy fiscal position. They've had to revise the twenty teen fiscal deficits from two point eight percent to three point seven percent in the latest budget, and they also face up to ten and a half billion dollars. In Dutch repayments actually linked to one MD. Where's this going from here? Do you think? I mean, clearly it's getting noisy all the time. Those various other actions, pending feels if on the ground in Malaysia younger is sent me mainting towards Goldman rather than dissipating the hope. Absolutely. I think they are hoping to target Goldman at the moment because it's obviously a case that is in full public view. It also comes on the back of the league est. Accusations coming from the department of Justice dots, essentially have said ops almost half of the six and a half billion dollars worth of one him to be the were arranged by Goldman where misappropriated the deal Jay has also accused two former bunkers of engaging in bribes toward Malaysian officials in order for the Bank to secure business from one to be. So there's definitely a sense here in Poland poor the top government officials are really just taking advantage into riding the wave of very strong momentum against Goldman, or at least putting very strong spotlight on how the Bank has been involved in all of this affair will. Let's get a perspective now from the other side of the world, Laura. You just heard from Stephania that. The Malaysian authorities are certainly ramping up pressure on Goldman is the same thing happening in New York as well. I think certainly the Bank is coming depression me, they continue to negotiate. With the deal Jay to see while sanctions of finding the firm Glenn to face as a result of this whole scandal. I think it seems reasonably likely will save these some sanctions a lot the control diesel internal work. They will probably look need some kind of a fine. The content of the fine is very much known of this have suggested that the financial penalty to go cooking basing that Goldman house to make up the entire of the to them or so that he's on a candidate for that with taking the one NTV raising mills paint this hundred million fees, which Scott that will get you to figure end she win to two point three billion of the very big number. That's Toby Specter's enough this point we don't know what kind of fine reconcilation the firm will face if any they made their goals other implications the firm, we don't we have a field with us. What we haven't said he's in the last few weeks ago voice has become under pressure..