Banker No Longer Allowed To Be A Banker Quits Job At Bank



When Andrea Vella was put on leave from Goldman Sachs a little over a year ago, perhaps he thought this whole Malaysian money-laundering-and-bribery thing would blow over and he could go back to co-heading investment banking in Asia or some such after a dignified period in exile. After all, he’d managed to survive his last scrape with sovereign wealth fund follies, that with the Libyan Investment Authority, arguing (successfully!) that whatever blame placed at Goldman’s door for all the money the Libyans lost was simply the result of some poor Libyan attempting to avoid Muammar Gaddafi’s gallows.

Unfortunately for Vella, the 1MDB affair has become the worst scandal to ruffle the Elect in decades, one that is likely to be very, very expensive for the bank, and which might see Vella himself in handcuffs should he ever be so foolish as to find himself in a country with an extradition treaty with Malaysia. Luckily, since whatever jokes he had to tell about dictatorial show trials failed to sway the Federal Reserve, he won’t have to be doing any travelling in the region on Goldman’s—or any other bank’s—behalf anymore.

The Fed on Tuesday said it had permanently barred Andrea Vella from the banking industry for his role in Goldman’s financing of a multibillion-dollar fraud involving 1Malaysia Development Bhd., a sovereign-wealth fund.

Mr. Vella left the firm in recent days, a person familiar with the matter said.

A lawyer for Mr. Vella said his client agreed to the ban, which does not require him to pay a fine or admit wrongdoing, “in order to move on to the next stage of his career and to avoid putting himself and his family through years of litigation.”



This article is sourced from :
Source link