Former Goldman Sachs bankers charged in multibillion-dollar money-laundering scandal

From the article:

Federal prosecutors announced Thursday that they have charged Malaysian financier Jho Low and two former Goldman Sachs bankers in a multibillion-dollar money-laundering scandal.

Low was the alleged mastermind behind the embezzlement of $4.5 billion from the 1MDB Malaysian development fund, much of which was allegedly used to buy luxury real estate, art, a yacht, and to invest in films, including “The Wolf of Wall Street.”

Low and Roger Ng, a Malaysian banker at Goldman Sachs, were indicted on three counts of conspiracy to commit money laundering, bribery, and circumvention of accounting controls, in violation of the Foreign Corrupt Practices Act. Ng was arrested Thursday in Malaysia. Low, who is believed to be in China, remains at large.

Source: Former Goldman Sachs bankers charged in multibillion-dollar money-laundering scandal

Yeah, yeah, yeah. I know. this is financial shit, and why should you care?

Because this is the kind of financial shit people on this level, with this kind of access do that causes massive harm. It’s all cloaked in spreadsheets and respectability. Yet, two guys doing this have caused more harm by stealing 4.5 Billion fucking dollars than a guy holding up a convenience store.

Yet, historically, we often give harsher and longer sentences in more scary super max prisons to the guy ripping off a few hundred bucks off from a 7-11.

These “white collar” criminals often get less secure prison time, if at all, and get treated far better by the system. Sometimes men and women who commit these types of crimes get out to just do it all over fucking again.

If you want to see a really good movie on why white collar crime matters, take the time to watch All the Queens Horses. You can also find it in other places if you google the title.

It’s a movie about a small town accountant, who over the course of years stole $37,000 a day, for two decades. That’s $53 million dollars, and they really show the impact of how this white collar criminal harmed the town. It’s a good watch. I highly recommend it.

In the end, these kinds of criminals harm more people, and do far greater damage.