The debacle forced Malaysian Prime Minister Najib Razak from power, and he lost his run for reelection in 2018. Revelations of the scheme set off a global scandal and a massive criminal investigation. Rather than benefiting the Malaysian people, prosecutors said, 1MDB was a massive, global money laundering operation. He purchased extremely expensive rare pieces of art," McMurry said. "He bought lavish pieces of property in places like New York City and Beverly Hills. He said Low deliberately gave himself no formal role at 1MDB, but he clearly pulled the strings - and reaped the rewards. "Jho Low came up with this idea, at some point, that developing a sovereign wealth fund is the way to tap into extreme amounts of money and power," McMurry told CNBC's " American Greed." But Malaysia didn't have oil wealth to pay for its fund, so 1MDB would function on borrowed money, much of it via Goldman Sachs. Low hatched the idea for 1MDB, pitching it to the Malaysian government as a way to fund development and benefit the Malaysian people, modeled after government-owned funds in oil-rich nations such as Saudi Arabia. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower ![]() Best Debt Consolidation Loans for Bad Credit
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