Senators Warren, Smith urge EBSA to hold Goldman accountable

Senators Warren, Smith urge EBSA to hold Goldman accountable
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Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota Tuesday urged the Department of Labor's Employee Benefits Security Administration to reconsider plans to exempt the Goldman Sachs Group from penalties for its role in Malaysia's 1MDB scandal that would have forfeited the group's rights to manage U.S. workers' retirement assets.
Despite Goldman's pending "admission of criminal wrongdoing," due to be finalized in June, for its subsidiary's role in that "massive fraud," the EBSA "has proposed a five-year exemption allowing the company to continue managing workers' retirement assets," the senators noted in an April 13 letter addressed to Timothy D. Hauser, deputy assistant secretary for operations of EBSA at the DOL.

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