{"id":99930,"date":"2020-10-29T01:40:09","date_gmt":"2020-10-28T22:40:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ex-trump-advisor-gary-cohn-silent-on-goldmans-1mbd-clawback-efforts\/"},"modified":"2020-10-29T01:40:09","modified_gmt":"2020-10-28T22:40:09","slug":"ex-trump-advisor-gary-cohn-silent-on-goldmans-1mbd-clawback-efforts","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ex-trump-advisor-gary-cohn-silent-on-goldmans-1mbd-clawback-efforts\/","title":{"rendered":"#Ex-Trump advisor Gary Cohn silent on Goldman\u2019s 1MBD clawback efforts"},"content":{"rendered":"

“#Ex-Trump advisor Gary Cohn silent on Goldman\u2019s 1MBD clawback efforts<\/strong>”
\n<\/p>\n

\n It\u2019s been a week since Goldman Sachs asked current and former top executives to cough up millions for their roles in the 1MDB Malaysian corruption scandal \u2014 and the silence from former Trump advisor Gary Cohn is deafening.<\/p>\n

Current and ex luminaries at the Wall Street giant \u2014 including chairman and chief executive David Solomon and his predecessor Lloyd Blankfein \u2014 have all agreed to forfeit some or all of their long-term performance awards after the megabank agreed last week to pay $2.9 billion to US regulators to settle charges over its role in the high-profile bribery and money-laundering scandal.<\/p>\n

But the bank is still pursuing Cohn, 60, who served as Goldman\u2019s president and chief operating officer for more than a decade until 2017 when he quit to become President Trump\u2019s top economic advisor.<\/p>\n

When the jaw-dropping settlement was announced last week, Goldman said it was \u201cin active discussion with another of these retired senior executives\u201d about returning cash. Sources have confirmed to The Post that this person is Cohn \u2014 who remains out of the bank\u2019s reach because of his 2017 move from Wall Street to DC.<\/p>\n

To avoid any possible conflict of interest as he headed for what turned out to be a 15-month stint at the White House, the bank paid Cohn out more than $100 million in cash and stock awards in early 2017. That cut ties between Goldman\u2019s performance and Cohn\u2019s personal wealth, a connection that still exists with the its other execs.<\/p>\n

In a statement announcing the 1MDB settlement, Goldman disclosed that it\u2019s clawing back $174 million from current and former employees who participated in or oversaw the scheme \u201cin acknowledgment of the firm\u2019s institutional failures.\u201d<\/p>\n

In addition to the $67 million from former Goldman grandees like Blankfein and retired chief financial officer David Viniar, Goldman has called dibs on $74 million from the three bankers implicated in the fraud, Tim Leissner, Roger Ng, and Andrea Vella.<\/p>\n

Current Goldman chief David Solomon, his number two John Waldron, and chief financial officer Stephen Scherr have agreed to have their combined pay for 2020 cut by $31 million.<\/p>\n

Cohn, meanwhile, is back on Wall Street and recently launched a $600 million blank-check company with investor Cliff Robbins. And that\u2019s where Goldman might regain some leverage in its talks with him, experts said.<\/p>\n

\u201cThe only major leverage is your reputation going forward,\u201d mused John Coffee, a securities law professor at Columbia Law School. \u201cThere is no actual leverage to claw back fully-vested money.\u201d<\/p>\n

\u201cHe\u2019s going to be asked about 1MDB all the time,\u201d a Wall Street insider familiar with Cohn added. \u201cIt would be much better for him if he could say he paid some money back.\u201d<\/p>\n

As the second-most powerful person at the megabank, Cohn was at his most powerful in late 2015 and early 2016 when Blankfein was under treatment for lymphoma. That was also when Goldman\u2019s 1MDB activities first started being probed by anti-corruption officials in Malaysia and US law enforcement.<\/p>\n

\u201cIf the 1MDB [stuff] is getting Lloyd dirty, it makes no sense that it wouldn\u2019t get Gary a little dirty too,\u201d said one former Goldman insider. \u201cGary wasn\u2019t cutting that deal, but he was aware of it and made money from it like everyone else at the top. I\u2019m not saying they\u2019re guilty of anything but you can\u2019t just walk away from that.\u201d<\/p>\n

Spokespersons for Cohn and Goldman declined to comment, but insiders said it\u2019s unlikely that any dispute would break into the public domain.<\/p>\n

\u201cThis will never get to court,\u201d said one insider. \u201cThat\u2019s mutually assured destruction if they do discovery and people get to see internal communications on 1MDB or anything else. No one wants that. Gary has to agree to give some money back, it\u2019s that simple.\u201d<\/p>\n

Coffee concurred. \u201cIf this goes ends up in court or even arbitration, that likely ends in a pyrrhic victory for Goldman or Cohn,\u201d he said. \u201cA fast agreement is hypothetically the best outcome for everyone.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Ex-Trump advisor Gary Cohn silent on Goldman\u2019s 1MBD clawback efforts” It\u2019s been a week since Goldman Sachs asked current and former top executives to cough up millions for their roles in the 1MDB Malaysian corruption scandal \u2014 and the silence from former Trump advisor Gary Cohn is deafening. Current and ex luminaries at the Wall…<\/p>\n","protected":false},"author":1,"featured_media":99931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/10\/Gary_Cohn_2.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[77428,71939,71006,77552,70790,55229,77553],"class_list":["post-99930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-28-20","tag-banks","tag-fraud","tag-gary-cohn","tag-goldman-sachs","tag-law","tag-lloyd-blankfein"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=99930"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/99931"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=99930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=99930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=99930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}