Goldman Sachs email shows partner warned against trying to 'milk' Libya in 2008
There is more on the actual email at the link...
Goldman Sachs email shows partner warned against trying to 'milk' Libya in 2008
By Ben Moshinsky - Today
A former Goldman Sachs partner warned the bank to resist the pressure to "milk" Libya's $60 billion (£42 billion) sovereign wealth fund in an email in 2008.
The email was cited in court by the Libyan Investment Authority's lawyer, Roger Masefield QC, in summing up the fund's case against Goldman Sachs.
The Libyan Investment Authority claims it lost more than $1 billion (£750 million) on nine trades executed by Goldman Sachs in 2008 on banks such as Citigroup and UniCredit, as well as the French company EDF.
The bank made more than $200 million in profit on the trades, exploiting the LIA's relative financial naivety, according to the LIA's lawyers....
