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As Goldman's 1MDB mess deepens, insiders doubt the firm's rogue banker defense

Hugh Son

While Goldman has insisted that just two employees are responsible for the burgeoning 1MDB scandal, insiders said the deals were approved by committees staffed by top executives, including CFO Stephen Scherr. Goldman committees approved the doomed bond deals on the condition that bankers explain to 1MDB that it had cheaper options in raising $6.5 billion. Goldman Sachs is finding it hard to distance itself from what it says were the actions of a few bad apples.

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