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Goldman Sachs reveals ties to Libya fund: Financial Times
http://www.rawstory.com/rs/2014/09/goldman-sachs-reveals-ties-to-libya-fund-financial-times/
Goldman Sachs reveals ties to Libya fund: Financial Times
Agence France-Presse
20 Sep 2014
Goldman Sachs (NYSE: GS-PB – news) has admitted in court documents to having used small gifts, occasional travel and an internship to cement its ties with Libya’s sovereign wealth fund under Moamer Kadhafi, the Financial Times reported Saturday.
The details were in the investment bank’s defence to a lawsuit filed by the Libyan Investment Authority (LIA) in London in January, which accused Goldman Sachs of exploiting its position to make money on failed derivative trades.
The fund accused the investment bank of gaining the “trust and confidence” of its inexperienced managers before advising them to enter into $1 billion worth of trades (779 million under current rates) which subsequently lost their value, but earned the bank a $350 million profit, the FT reported.
, According to details provided in January by the High Court, the fund claimed that senior bankers — including a former Goldman vice-president, Youssef Kabbaj — tried to influence LIA staff with small gifts and a trip to Morocco.
