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Economist Podcasts

Fund while it lasted: the 1MDB scandal

Economist Podcasts

The Economist

News, News & Politics

4.35K Ratings

🗓️ 3 April 2019

⏱️ 21 minutes

🧾️ Download transcript

Summary

Today Malaysia’s former prime minister faces his first of several trials, for alleged involvement in the disappearance of billions of dollars from 1MDB, a state-run fund. Businesses also endure their share of scandals, too—the latest one surrounding the maker of OxyContin, a maligned opioid drug. But why are so many recent corporate scandals coming out of America? And, a fabulously popular Chinese soap challenges deeply held notions of filial duty.

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Transcript

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0:00.0

Hello and welcome to the Intelligence on Economist Radio.

0:06.7

I'm your host, Jason Palmer.

0:09.3

Every weekday, we provide a fresh perspective on the events shaping your world.

0:17.8

Today, the former Prime Minister of Malaysia goes on trial.

0:21.5

Najib Razak is in the dock for his alleged involvement in a scandal that has outraged the country.

0:26.9

Billions of dollars have gone missing from a state-run development fund.

0:30.9

He denies all seven charges that he faces today in the first of several trials.

0:37.1

Scandals, though, take different forms,

0:39.5

from 1MDB's bilked billions

0:41.4

to Facebook's sloppy use of customer data

0:44.0

to Wells Fargo's millions of fraudulent accounts.

0:47.5

Now the spotlight has fallen on Purdue Pharma,

0:50.1

the maker of OxyContin.

0:52.0

Thousands of lawsuits have been filed against the company,

0:55.0

alleging that its business practices contributed to America's opioid crisis.

0:59.0

We take a look at what the scandals coming from American businesses seem to have in common.

1:04.0

And older TV viewers in China are scandalized, too,

1:08.0

about how a wildly popular soap opera depicts the realities of

1:11.9

adults' relationships with their elderly parents.

1:17.5

First up, though,

1:22.3

Najib Razak became Prime Minister of Malaysia in 2009, with a promise of political reform.

1:29.4

Early in his tenure, he began overseeing a national fund to pay for development projects

...

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