Malaysia’s Najib found guilty of corruption in first 1MDB case By Reuters

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© Reuters. Former Malaysian Prime Minister Najib Razak arrives at Kuala Lumpur High Court in Kuala Lumpur

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By Rozanna Latiff

KUALA LUMPUR (Reuters) – Malaysia’s former prime minister Najib Razak was found guilty of corruption on Tuesday in the first trial linked to a multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB).

The case has been widely seen as a test for Malaysia’s efforts to stamp out corruption and could have big political implications for the Southeast Asian nation.

“After considering all evidence in this trial, I find that the prosecution has successfully proven its case beyond a resonable doubt,” Kuala Lumpur High Court Judge Mohamad Nazlan Mohamad Ghazali said.

Najib has said he would appeal any decision at the federal court and his lawyers sought a delay in sentencing. The corruption charges carry hefty fines and jail terms of up to 15 or 20 years.

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David Rosenberg: With U.S. economy in disarray, a Democratic sweep could spell more trouble for markets

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In a world of second derivatives, “reduced stimulus” is the same thing as “fiscal drag.” As an example, the GOP senators want to limit the coronavirus boost to unemployment benefits to US$100 per week, from US$600 per week currently. Let’s do the math. There are about 30 million Americans receiving jobless benefits — so the reduction in fiscal assistance would amount to a total cut in aid of US$60 billion per month. That isn’t small.

Eliminating the US$600 supplement could result in large spending cuts. It also says something that it’s the people who got displaced from their jobs during this pandemic who were keeping the economy afloat.

Amid this backdrop, a Democratic sweep could well happen in November. The polls are leaning that way, for what that’s worth. And history also says the odds are very close to a toss-up. The impact on the markets would

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Goldman Sachs CEO deejayed, Winklevosses attended—now this Hamptons concert is under public health review

New York health authorities will investigate a Hamptons charity concert opened by Goldman Sachs chief David Solomon and headlined by the Chainsmokers after footage showed crowds of partiers, according to Governor Andrew Cuomo.

Cuomo said he was appalled by “egregious social distancing violations” seen in videos of the Saturday night event in Southampton. “We have no tolerance for the illegal & reckless endangerment of public health,” Cuomo said, noting the Department of Health will lead the inquiry.

The event was held on a field Saturday night and billed as the “Safe & Sound drive-in concert” with attendees expected to enjoy the music by their cars and in designated spots. About 2,000 people turned up for the performance with an opening set by Goldman’s chief executive officer, who moonlights as DJ D-Sol, and the Chainsmokers as the main act.

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