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Gary Cohn to make donation instead of returning pay to Goldman after 1MBD scandal

Stock MarketsDec 10, 2020 06:25PM ET
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© Reuters. FILE PHOTO: Former Director of the U.S. National Economic Council Gary Cohn speaks at a Reuters Newsmaker event in New York City

WASHINGTON (Reuters) - Gary Cohn will make a charitable donation instead of giving back compensation to Goldman Sachs Group Inc (NYSE:GS) as penance for the Wall Street bank's involvement in Malaysia's 1MDB sovereign fund corruption scandal.

"Mr. Cohn is a team player, and as a good corporate citizen, he volunteered many weeks ago to make a significant charitable contribution to Goldman Sachs-sponsored organizations and looks forward to doing so," a spokeswoman for Cohn said.

The planned donation was first reported by Bloomberg on Thursday.

Goldman Sachs in October agreed to pay U.S. authorities $2.9 billion in penalties to settle probes by the Department of Justice and other authorities into its role in the 1MDB scandal.

At the same time, the bank said it would reclaim a total of $174 million in compensation from current and former senior Goldman executives as an acknowledgement of managerial accountability for the institutional failure.

None of the executives concerned were involved in any wrongdoing, the bank said.

Cohn severed all financial ties with Goldman upon becoming President Donald Trump’s top economic adviser in January 2017 and had no compensation tied up in the firm as of then.

Bloomberg reported that Goldman Sachs had asked Cohn for $10 million but that he declined and instead would make the donation, the size of which was not disclosed by his spokeswoman.

“We are pleased that Gary (Cohn) has chosen to support charitable organizations that are doing important work and put this matter behind us,” a spokeswoman for Goldman said.

Gary Cohn to make donation instead of returning pay to Goldman after 1MBD scandal
 

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Comments (3)
Thom Miller
Thom Miller Dec 10, 2020 11:11PM ET
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Gary Cohn is, was, and always will be a horse’s ***.
Benoit Avril
Benoit Avril Dec 10, 2020 7:15PM ET
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Actually, I'm impressed, the guy advocated for uber employees to be paid while not working because of the pandemic. Did he find where was located his heart or does he want to be forgiven for something? No one knows. Very surprising. May I suggest he gives some of his money to those poor people, only a small fraction of would be enough to sustain them for hundreds of years.
Benoit Avril
Benoit Avril Dec 10, 2020 6:54PM ET
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Can't stop laughing.
 
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