COMMENT | Goldman Sachs’ possible losses from litigation, according to the Financial Times, could climb as high as US$1.8 billion above its total reserves. This is three times what it earned in commission from 1MDB.

Unsurprisingly, Finance Minister Lim Guan Eng has asked the investment bank to return US$588 million to Malaysians. The figure looks large, but it is paltry given the financial opprobrium and mayhem that Goldman Sachs rained on Malaysia for nearly a decade.

Though it is not too late for Putrajaya to change its ‘minimalist’ demand, there are five reasons why Lim – despite his credentials as an accountant – is wrong to demand such a low sum.

First of all, Goldman Sachs has backed itself to a corner. The US Department of Justice (DOJ) is launching criminal indictment of three key figures in the grand larceny of 1MDB, with perhaps more to come.