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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Goldman Sachs hits Gaddafi in hip pocket

Posted on 03 June 2011

The Libyan Investment Authority, a sovereign wealth fund worth tens of billions of dollars into which the Gaddafi Administration poured the money it made from oil sales, handed over US$1.3 billion ($1.58 billion) to the bank in 2008 with a mandate to invest in foreign currency markets and other structured products.
The deal was struck months before the onset of the financial crisis, and sources close to the bank yesterday claimed that the LIA had initially been uninterested when Goldman told it that the investment had lost several hundreds of millions of dollars………………………………………..Full Article: Source

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