'Having lost much of its central banker incubation skills over the past decade, and handing over the crown of Wall Street’s most profitable trading desk to Morgan Stanley, in recent years Goldman Sachs has been best known for enabling and profiting wildly from Malaysia 1MDB criminal fraud, which culminated with the arrest of former Malaysia PM Razak, but not before Goldman made billions in illicit profits from selling bonds offered by the country’s sovereign wealth fund.
And while Goldman is still waiting to learn its criminal and civil fate, and more importantly, how many billions it will have to pay Malaysia/the DOJ to put its 1MDB fraud in the rearview mirror, the company – which a decade ago was hoping to make billions from aggressively entering the carbon credit/offset market as profiled delightfully in Matt Taibbi’s “The Great American Bubble Machine” – is already scheming how to profit from the latest round of anti-climate change euphoria, conveniently spawned by a 16-year-old child with Asperger’s Syndrome.
On Monday, Goldman Sachs said it will provide $750 billion in financing, advisory services and investments for initiatives that fight climate change, as well as those that foster economic opportunities for under-served people over the next decade. What Goldman did not say is that it will pocket a generous commission, somewhere in the 3-5% ballpark, by peddling “green” products to naive investors (including central banks) who have fallen for the whole ESG virtue signalling charade.
The bank also updated its internal environmental policy framework to rule out providing financing to any new projects that will drill for oil in the Arctic or that create new thermal coal plants or new thermal coal mines. Of course, the destructive consequences of the bank’s involvement in the 1MDB scandal would be quietly excluded from this virtuous charade.
Ironically, Goldman’s policy changes come just as the United Nations concludes a conference that failed to ramp up efforts to combat global warming, according to Reuters.'
Read more: 750 Billion Reasons Why Goldman Sachs Is Rooting For Greta Thunberg’s Success
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