Goldman CEO Solomon, Blankfein Face Pay Claw Back on 1MDB

The transcript discusses Goldman Sachs' $5 billion fine under the Foreign Corrupt Practices Act, highlighting its significance as the largest fine in history for such a crime. It explores the implications for Goldman Sachs, including the impact on client relationships and executive pay. The discussion also covers potential future fines from other countries and the broader context of banking industry fines. The transcript concludes with a focus on Goldman's efforts to improve compliance and rebuild relationships.

What makes the $5 billion fine on Goldman Sachs significant?

• It was paid in gold bars.

• It was imposed by the United Nations.

• It is the first fine ever imposed on a bank.

• It is the largest fine in history for this type of crime.

Which country's potential fines are still pending for Goldman Sachs?

• Singapore

• Australia

• Brazil

• Canada

What action is Goldman Sachs taking regarding executive pay after the fine?

• Increasing executives' bonuses

• Recouping top executives' pay

• Offering stock options to executives

• Reducing executives' salaries

What does the fine indicate about the relationship between banks and regulators?

• Regulators are losing power.

• Banks have complete autonomy.

• Banks are facing increasing global scrutiny.

• Banks are exempt from fines.

How is Goldman Sachs addressing the issue of accountability?

• By closing down operations

• By ignoring the issue

• By proving changes under new leadership

• By firing all employees