Goldman Sachs, home to many big donors to Democrat presidential candidate Joe Biden’s campaign, has admitted to a record-setting $1.6 billion foreign bribery scheme this week.
The Justice Department announced charges against Goldman Sachs for their executives’ involvement in a foreign bribery scheme, the largest in United States history. As a result, Goldman Sachs will pay more than $2.9 billion as part of a settlement.
“Goldman Sachs today accepted responsibility for its role in a conspiracy to bribe high-ranking foreign officials to obtain lucrative underwriting and other business relating to [1Malaysia Development Bhd.],” said acting Assistant Attorney General Brian Rabbitt of the Justice Department’s Criminal Division said in a statement.
“Today’s resolution, which requires Goldman Sachs to admit wrongdoing and pay nearly three billion dollars in penalties, fines, and disgorgement, holds the bank accountable for this criminal scheme and demonstrates the department’s continuing commitment to combatting corruption and protecting the U.S. financial system,” Rabbitt said.
The revelations of Goldman Sachs’ involvement in the foreign bribery scheme comes as Biden has accepted hundreds of thousands of dollars in campaign contributions from executives and employees at the big bank.
Kathy Matsui and Richard Friedman, in executive and banker roles at Goldman Sachs, have donated nearly $105,000 to the Biden Victory Fund and the Biden Action Fund in June. Just this week, news broke that the former Goldman Sachs executive who profited off the U.S. housing crash has donated $200,000 to the Biden Victory Fund.
While Biden has taken about 184 separate contributions from Goldman Sachs executives and employees, President Donald Trump has taken just 41 contributions from the big bank. Trump’s contributions from Goldman Sachs total less than $7,500.
As Breitbart News has noted, recent CNBC analysis revealed that Wall Street has donated more than $50 million to Biden’s campaign this election cycle. CNN analysis found that “all the big banks” are backing Biden against Trump.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.