United States: Gary Cohn Plays Hardball With Goldman to Defend Millions in Pay Over 1MDB Scandal

When Goldman Sachs declared its intent to reclaim $67 million from five former top executives over the sprawling 1MDB corruption scandal, it made clear it had already pocketed the money from all but one of them.

The lone holdout — Gary Cohn. Six weeks later, Goldman is still waiting on its former president to pony up the cash.

The bank has failed to persuade Cohn to part with over $10 million in pay he’s already received, according to people with knowledge of the matter. And there’s little the firm can do if he simply refuses or offers up a discounted sum, they said.

Cohn declined to comment on whether he intends to repay the amount in full, saying only in an interview that he is “having very constructive conversations with Goldman Sachs on that.” A representative for Goldman Sachs Group Inc. declined to comment.

The original full article can be found at bloomberg.com

(Photo: Reuters)

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