The Corruption Files27 Sep 2022

The Goldman Sachs Corruption Case

Risk is never static, but dynamic. The Goldman Sachs case has proven that playing with fire will always get you burned. Listen in as Thomas Fox and Michael DeBernardis dissect the rights and wrongs of the situation, why probing deeper into red flags is a must, the importance of setting off preventative controls right away, and why companies should publicly show their general policy statement. ▶️ The Goldman Sachs Corruption Case with Thomas Fox and Michael DeBernardis Key points discussed in the episode: (00:00:20) Thomas Fox gives a brief background on the Goldman Sachs case. (00:03:02) Michael DeBernardis explains the successes and failures in compliance. (00:07:32) Thomas Fox points out the suspicious timing of bond offerings, the significant risk involved, why organizations should trust, but verify, and considering the visibility within the organizational structure. (00:14:33) Michael DeBernardis emphasizes why preventative controls like electronic surveillance should be implemented right away and how the Goldman Sachs case proves that improving your company structure is vital. (00:18:35) Thomas Fox and Michael DeBernardis talk about the Monaco Memo and how the Goldman Sachs case perfectly applies the implementation of clawbacks. (00:24:28) Michael DeBernardis encourages companies to publish their general policy statement to prevent future problems. ---------------------------------------------------------------------------- Do you have a podcast (or do you want to)? Join the only network dedicated to compliance, risk management, and business ethics, the Compliance Podcast Network. For more information, contact Tom Fox at tfox@tfoxlaw.com. Texas Tax rate at 80% of 8.25%

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