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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Goldman Sachs denies report it offered equity stake to LIA

Posted on 01 June 2011

Goldman Sachs denied a report Tuesday that first appeared in the Wall Street Journal that it had offered Libya’s sovereign wealth fund a large stake in the company after several complicated investments made by Goldman with $1.3 billion of the fund’s money lost 98% of their value.
Goldman spokesman Lucas van Praag said the firm never proposed a deal that would have resulted in the Libyan Investment Authority getting an equity stake in the company. The bank would have had to get approval from its board and the Federal Reserve before it could have reached such a deal……………………………………….Full Article: Source

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