It's a big swamp

April 30, 2020 12:12 AM

“Malaysia” was shorthand for a gigantic fraud—possibly the largest in financial history—in which, beginning in 2009, billions of dollars were diverted from a Malaysian sovereign-wealth fund called 1Malaysia Development Berhad (1MDB) into covert campaign-finance accounts, U.S. political campaigns, Hollywood movies, and the pockets of innumerable other recipients.

Previously and previously.

posted by blue shadows (9 comments total)

Without taking away from the fact that 1MDB was a colossal crime against the people of Malaysia and that there should be some kind of accountability for the European and American institutions that abetted this grift, I am not sure what this post or the article adds to the previouslies?

I do think it's interesting how the initial discussions of 1MDB centered on Jho Low, "The Billion Dollar Whale", because his story was so cinematic -- the in over their head grifter who became a high roller overnight, and kept stealing to fund the lie of a lavish lifestyle. There could be a worthwhile piece asking us why we are so enamored with these larger than life crime stories but are less engaged when dealing with the systemic corruption that abets these actors, but I don't know that this post is that.
posted by bl1nk at 4:30 AM on April 30, 2020 [4 favorites]

This story is featured in the second season of Netflix's "documentaries sure are a lot cheaper to produce than period pieces, aren't they?" series Dirty Money.
posted by hearthpig at 6:19 AM on April 30, 2020 [5 favorites]

Prime Minister of Malaysia bad?
posted by The otter lady at 10:04 AM on April 30, 2020 [2 favorites]

Global capital is just another word for colonialism.
posted by GenjiandProust at 11:46 AM on April 30, 2020

Wasn't this the plot of a Leverage episode?
posted by symbioid at 12:11 PM on April 30, 2020

Prime Minister of Malaysia bad?

This is exactly what I needed right now. Thank you.
posted by Literaryhero at 3:30 PM on April 30, 2020

The Malaysian people, meanwhile, will be paying for Najib’s crimes for decades to come. The government will be spending almost half a billion dollars a year in interest and principal on 1MDB’s debt—which includes the bonds sold by Goldman—until 2039.

I wonder what legal principle it is which says that the victims of a fraud should have to pay for it. The principle of, "Looks like you got screwed, buddy, I guess you'll be paying for that for a while, eh?"
posted by clawsoon at 5:42 PM on April 30, 2020 [3 favorites]

"I wonder what legal principle it is which says that the victims of a fraud should have to pay for it. The principle of, 'Looks like you got screwed, buddy, I guess you'll be paying for that for a while, eh?'"

The principle you're looking for is "colonialism".
posted by Ivan Fyodorovich at 11:23 PM on April 30, 2020 [4 favorites]

Unfortunately, the current crisis will be used by various government entities to siphon money, particularly in the East.

Despite existing accounts and infrastructure for such emergencies, Indian Prime Minister Modi started a special fund called PM-CARES for coronavirus relief, encouraging citizens to donate. Regular folk are donating what they can and corporations are contributing huge amounts. It is estimated to have billions of dollars, and is completely opaque. The government refuses to put out any data.
posted by kolendra at 3:58 AM on May 1, 2020 [1 favorite]