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Illustration: Lazaro Gamio/Axios

Andrea Vella, the former co-head of investment banking at Goldman Sachs Asia, has been banned from the banking industry for life by the Federal Reserve Board.

Why it matters: Goldman Sachs faces billions of dollars in fines for helping facilitate the "heist of the century" in Malaysia. Vella "engaged in unsafe and unsound practices," says the Fed, by failing to properly escalate concerns about Jho Low, the financier who masterminded the scheme and who is now a fugitive.

  • Vella's former colleagues Tim Leissner and Roger Ng were similarly banned last year.

As I wrote earlier: The bank facilitated the 1MDB fraud, earning almost $600 million in fees on three bond deals from the deeply corrupt Malaysian fund. That's about 200 times more than the normal amount a sovereign issuer would pay. Each time, as soon as Goldman provided the money to 1MDB, Low would steal it.

Go deeper:

Go deeper

Scoop: Politico stars plot new Playbook

Anna Palmer and Jake Sherman. Photo: Alex Wong/Getty Images

Three of Politico’s biggest reporting stars plan to launch a competitor to the company’s Politico Playbook franchise, sources tell me. 

Why it matters:  Jake Sherman, Anna Palmer and John Bresnahan will launch a daily newsletter in 2021 as a stand-alone company, the sources say. In effect, they will be competing against the Playbook franchise they helped create and grow. 

Ben Geman, author of Generate
7 mins ago - Energy & Environment

Big Oil's big reckoning

Illustration: Sarah Grillo/Axios

There doesn't seem to be an oil major that's got it all figured out between the pandemic, cloudy demand and price outlooks, and the unknown path through a world getting a bit more serious about climate.

Driving the news: ExxonMobil yesterday afternoon showed the latest signs of its struggle to position itself as it announced large write-offs and a big rethink of long-term spending.

15 mins ago - Politics & Policy

Exclusive: Don Jr. tells Georgia Senate voters that Trump is on the ballot

Photo: Eva Marie Uzcategui T./Anadolu Agency/Getty Images

In a six-figure radio ad being released in Georgia today, Donald Trump Jr. tells the state's voters that the U.S. Senate — and his father's accomplishments — are on the line during January's special election, according to audio obtained by Axios.

Why it matters: Trump Jr.'s first of many advertisements in the Georgia Senate races argues the race isn't just about electing the Republican incumbents, but also about preserving President Trump's agenda.

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