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Sovereign Wealth Funds Briefing - Categorized | Investment, Performance

Libya’s Goldman dalliance ends in losses, acrimony

Posted on 31 May 2011

In early 2008, Libya’s sovereign-wealth fund controlled by Col. Moammar Gadhafi gave $1.3 billion to Goldman Sachs Group to sink into a currency bet and other complicated trades. The investments lost 98% of their value, internal Goldman documents show.
What happened next may be one of the most peculiar footnotes to the global financial crisis. In an effort to make up for the losses, Goldman offered Libya the chance to become one of its biggest shareholders, according to documents and people familiar with the matter……………………………………….Full Article: Source

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