Billion dollar whale
Two Pulitzer-finalist Wall Street Journal reporters document the true story of how a young social climber orchestrated one of history's biggest financial heists, exposing the secret nexus of elite wealth, banking, Hollywood and politics. 75,000 first printing. "What does it take to steal $5 billion? In 2009, with the dust yet to settle on the financial crisis, a mild-mannered Wharton grad set in motion a fraud of unprecedented gall and magnitude--one that would come to symbolize the next great threat to the global financial system. His name is Jho Low, a man whose behavior was so preposterous he might seem made up. If Jho Low appeared shy on the surface, behind the scenes he was a big-talking, social-climbing huckster. Barely out of college, Low persuaded the prime minister of Malaysia, Najib Razak, to create an investment fund, known as 1MDB. Directing it from the shadows, Low raised more than $10 billion with the aid of Goldman Sachs and others, and over the next half decade siphoned off billions--money used to finance elections; to purchase luxury real estate; to produce Hollywood films, including The Wolf of Wall Street; and to throw champagne-drenched parties around the world. Low's largesse put him at the center of a world that included celebrities like Leonardo DiCaprio and Jamie Foxx, supermodels like Miranda Kerr, and even a major donor to President Obama.
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18recommend
24mentions
22people
2018–2024years
83% recommend17% neutral
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What Hacker News says
- I think that the mention of the billions from Malaysia relates to the story covered in the "Billion Dollar Whale". I really recommend that book.
Many celebrities ended up involved, and it's a story that wouldn't be believed if it were fiction.
https://en.wikipedia.org/wiki/1Malaysia_Development_Berhad_s...At the center of the tale is Jho Low, the wild-spending financier who burst onto the scene in 2013 by backing “The Wolf of Wall Street,” Scorsese and DiCaprio’s $100 million look at financial fraud and bacchanalian excess. As Low’s influence in Hollywood grew, scores of celebrities partied on his private jet, drank his Cristal and accepted his lavish gifts (DiCaprio landed a $3.2 million Picasso and a $9 million Basquiat), at least until his elaborate embezzlement scheme unraveled and he became a fugitive.https://www.amazon.ca/Billion-Dollar-Whale-Fooled-Hollywood/...
- A good read is "Billion Dollar Whale", which details the 1MDB scandal that actually funded the Wolf of Wall Street movie.
Jho Low scammed ~$5 Billion, and used some of the funds to befriend Leonardo DiCaprio (by throwing lavish parties), as well as fund the movie.
- I have read a lot of financial crime books and can’t recommend Billion Dollar Whale enough. What’s so astounding is the immediacy with which he went on one of the biggest spending sprees ever. A case study in how to disprove people who say, “you could never spend that much money in a lifetime”. The fact he used stolen money to finance The Wolf of Wall Street is the cherry detail on top.
- I think it is bad that white collar crimes seem to only result in fines and that should be addressed. But if it only is fines that still makes the price of doing business higher.
I really recommend reading "The Billion Dollar Whale" because it is a good book and shocking. It is about an individual who really just stole billions of dollars from the Malayan government and then tries to hide it. Every year his fund has a reputable auditor, but every year it is a new auditor, for example.
Goldman Sachs facilitated the crime by making huge transfers with very little diligence. They asked for huge fees, not just relative to the amount, but on a percentage basis. Probably because they knew something was shady and they figured they would get sued. Also, they were aiding a crime but as you say, it all will be just a fine no charges.
GS admitted guilt and is paying almost a $3b fine for this. And IMO they should.
- If you're interested in the background of this, Billion Dollar Whale by Tom Wright and Bradley Hope would be a good intro.
An unbelievable amount of corruption on the part of the former Prime Minister and his family, and enabled by Jho Low and Goldman Sachs.
- I strongly recommend Billion Dollar Whale [1]. The relative ease with which Jho Low could get away with this, and the number of people/institutions willing to be complicit (by action or omission) was breathtaking.
[1] - https://www.goodreads.com/book/show/38743564-billion-dollar-...
