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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Market

Libyan fund alleges Goldman took advantage of its inexperience

Posted on 15 June 2016

Libya’s sovereign wealth fund, in a long-awaited trial that started on June 13, alleged Goldman Sachs took advantage of its lack of financial sophistication to draw it into losing trades. Emails in the case show Goldman executives saying that the Libyan fund had little experience in finance. “They are very unsophisticated – and anyone could ‘rape’ them,” one executive wrote in 2008.
In another internal email exchange, a Goldman executive wrote to a colleague that “you just delivered a pitch on structured leveraged loans to someone who lives in the middle of the desert with his camels”………………………………………..Full Article: Source


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VRS - who has written 19873 posts on Opalesque Sovereign Wealth Funds Briefing.


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