Goldman Sachs CEO defends bank in 1MDB scandal

The head of Goldman Sachs defended the investment bank's handling of the scandal-plagued Malaysian fund 1MDB on Friday, saying much criticism of the financial giant was unfair. "I cannot stress enough how integrity is a cornerstone of our culture," newly-installed Chief Executive David Solomon said in a year-end message to employees. Goldman helped 1MDB to issue $6.5 billion of bonds but Kuala Lumpur accuses the bank and its former employees of misappropriating $2.7 billion during the process.

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